EXHIBIT 99.1
UST-10 COVER SHEET
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MONTHLY FINANCIAL REPORT FOR
CORPORATE OR PARTNERSHIP DEBTOR
Case No. 02-23396 Report Month/Year 12-02
Debtor NETWORK COMMERCE, INC.
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INSTRUCTIONS: The debtor's monthly financial report shall include a cover sheet
signed by the debtor and all UST forms and supporting documents. Exceptions, if
allowed, are noted in the checklist below. Failure to comply with the reporting
requirements of Local Bankruptcy Rule 2015-2(a), or the U.S. Trustee's reporting
requirements, is cause for conversion or dismissal of the case.
The debtor submits the following with this monthly financial report: Yes No
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UST-12 COMPARATIVE BALANCE SHEET, or debtor's balance sheet. |X| |_|
The debtor's balance sheet, if used, shall include a breakdown of
pre- and post-petition liabilities. The breakdown may be provided
as a separate attachment to the debtor's balance sheet.
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UST-13 COMPARATIVE INCOME STATEMENT, OR DEBTOR'S INCOME STATEMENT. |X| |_|
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UST-14 SUMMARY OF DISBURSEMENTS |X| |_|
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UST-14 STATEMENT(S) OF CASH RECEIPTS AND DISBURSEMENTS
Continuation A Continuation Sheet shall be completed for each bank account or
Sheets other source of debtor funds and shall include a monthly
bank statement and all supporting documents described in the
instructions. |X| |_|
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UST-15 STATEMENT OF AGED RECEIVABLES
A detailed accounting of aged receivables shall be provided on, or in an |X| |_|
attachment to, UST-15.
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UST-16 STATEMENT OF AGED POST-PETITION PAYABLES
A detailed accounting of aged post-petition payables shall be provided
on, or in an attachment to, UST-16. |X| |_|
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UST-17 STATEMENT OF OPERATIONS
When applicable, UST-17 shall include supporting documents such as an
escrow statement for the sale of real property, an auctioneer's report
for property sold at auction, or a certificate of insurance or
copy of debtor's bond for any change in insurance or bond coverage. |X| |_|
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DEBTOR'S CERTIFICATION
I certify under penalty of perjury that the information contained in this
monthly financial report are complete, true, and accurate to the best of my
knowledge, information, and belief.
Debtor's Signature /s/ N. Scott Dickson Date 1/15/03
The debtor, or trustee, if appointed, must sign the monthly financial report.
Only an officer or director has authority to sign a financial report for a
corporate debtor and only a general partner has authority to sign a financial
report for partnership debtor. Debtor's counsel may not sign a financial report
for the debtor.
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Monthly Financial Report - Corporate or Partnership Debtor Page 1 of 14
United States Trustee - Western District of Washington (Revised Aug. 2000)
NETWORK COMMERCE INC.
BALANCE SHEETS
(in thousands)
12/31/2002
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(unaudited)
ASSETS
Current Assets:
Cash, cash equivalents & ST Inv ..................... $ 246,988
Letter of Credit .................................... 57,292
Accounts receivable, net ............................ 436,159
Marketable equity securities ........................ 5,540
Prepaid expenses .................................... 464,120
Note receivable ..................................... 10,798
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Total current assets .............................. 1,220,897
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Property, Plant & Equipment:
Real property/buildings ............................. 272,630
Equipment/software/furn & fix ....................... 15,315,577
Accumulated depreciation ............................ (14,717,154)
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Total property, plant & equipment ................. 871,053
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Deposits ................................................. 412,208
Deferred domain names .................................... 145,871
Investments .............................................. 570,000
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TOTAL ASSETS ............................................. $ 3,220,029
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LIABILITIES AND SHAREHOLDERS EQUITY
Post-Petition Liabilities:
Taxes payable ....................................... $ 7,709
Accounts payable .................................... 73,610
Note payable ........................................
Rents and leases payable ............................ 95,025
Payroll ............................................. 11,322
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Total post-petition liabilities ................... 187,666
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Pre-Petition Liabilities:
Unsecured debt:
Accounts payable .................................. 2,431,419
Accrued liabilities ............................... 1,288,544
CVI note payable .................................. 1,500,000
Priority debt:
Taxes ............................................. 192,657
Wages ............................................. 140,676
Other .............................................
Undersecured debt ................................... 1,371,104
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Total pre-petition liabilities .................... 6,924,400
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Other Liabilities:
Deferred revenue .................................... 1,129,997
Financed insurance .................................. 69,662
Flexible spending plans ............................. 1,706
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Total Liabilities ........................................ 8,313,431
Shareholders' Equity:
Common stock ........................................ 556,691,993
Common stock - warrants ............................. 18,248,590
Deferred compensation ............................... (915,137)
Unrealized gain/loss ................................ (24,043)
Accumulated deficit ................................. (579,094,805)
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Total shareholders equity ............................. (5,093,402)
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Total liabilities and shareholders' equity ............... $ 3,220,029
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NETWORK COMMERCE INC.
STATEMENTS OF OPERATIONS
(in thousands)
December
2002
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(unaudited)
Revenues .................................................. $ 313,815
Cost of Revenues .......................................... 42,754
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Gross Profit .............................................. 271,061
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Gross Profit % ......................................... 86%
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Operating expenses:
Officer's Salaries ..................................... 38,750
Other Salaries/Direct labor ............................ 74,230
Employee Benefits/Payroll Taxes ........................ 14,638
Insurance .............................................. 17,480
Rent ................................................... 65,021
General & Administration ............................... 246,571
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Total operating expenses .................................. 456,690
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Loss from operations ...................................... (185,629)
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Nonoperating (expense) income:
Other income ........................................... --
Interest income ........................................ 243
Interest expense ....................................... 1,884
Other .................................................. --
Gain (Loss) on Sale of Assets .......................... --
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Total nonoperating (expense) income ....................... 2,127
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Loss before Taxes ......................................... (183,502)
Income Taxes .............................................. --
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Net loss (1) .............................................. $(183,502)
=========
(1) Includes non-cash items including the following: Depreciation $43,872,
insurance $17,489, deferred rent $49,749, deferred compensation $231,511,
software licenses $5,816, reversal of leases ($90,362).
NETWORK COMMERCE INC.
STATEMENT OF SOURCES AND USES
(in thousands)
December
2002
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(unaudited)
Beginning cash balance ..................................... 219,712
Sources of cash:
Revenue ................................................. 185,733
Receivables ............................................. 58,796
Other ................................................... 10,680
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Total sources of cash ................................. 255,209
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Uses of cash:
Accounts payable ........................................ 114,636
Bank fees and charge backs .............................. 1,365
Payroll ................................................. 117,321
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Total uses of cash .................................... 233,322
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Total change in cash ....................................... 21,887
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Ending cash balance ........................................ 241,599
=======
Case Number 02-23396
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Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
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UST-14, SUMMARY OF DISBURSEMENTS
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INSTRUCTIONS: BEFORE COMPLETING THIS PAGE, prepare a UST-14 CONTINUATION SHEET
(see next page) for each bank account or other source of the debtor's funds. The
disbursement total from each CONTINUATION SHEET will be used to complete this
SUMMARY OF DISBURSEMENTS.
The debtor is responsible for providing accurate monthly disbursement totals for
purposes of calculating its obligation pursuant to 28 U.S.C. ss. 1930 (a)(6) to
pay statutory fees to the U.S. Trustee. The disbursement total encompasses all
payments made by the bankruptcy estate during the reporting month, whether made
directly by the debtor or by another party for the debtor. It includes checks
written and cash payments for inventory and equipment purchases, payroll and
related taxes and expenses, other operating costs, and debt reduction. It also
includes payments made pursuant to joint check arrangements and those resulting
from a sale or liquidation of the debtor's assets. The only transactions
normally excluded from the disbursement total are transfers within the same
reporting month between multiple debtor accounts.
A fee payment is due within 30 days after the end of each calendar quarter, or
on April 30, July 31, October 31, and January 31, respectively. Because the
amount billed is an estimate, the debtor is responsible for paying the correct
statutory fee based on its actual disbursements for the calendar quarter, or
portion thereof the debtor was in Chapter 11. Failure to pay statutory fees to
the U.S. Trustee is cause for conversion or dismissal of the case. A copy of the
statutory fee schedule may be found on the U.S. Trustee's website located at:
www.usdoj.gov/ust/r18/s_home.htm (select Library page)
If you have questions about how to compute the disbursement total, please call
the Bankruptcy Analyst assigned to your case at (206) 553-2000.
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Computation of Monthly Disbursement Total
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Total disbursements from Continuation Sheet(s) 236,670.20
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Cash payments not included in total above (if any)
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Disbursements made by other parties for the debtor (if any, explain)
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236,670.20
TOTAL DISBURSEMENTS THIS MONTH FROM ALL SOURCES
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At the end of this reporting month, did the debtor have any delinquent
statutory fees owing to the U.S. Trustee?
Yes |_| No |X| If "yes," list each quarter that is delinquent and
the amount due.
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(UST-14 CONTINUATION SHEETS, with attachments, should follow this page.)
Monthly Financial Report - Corporate or Partnership Debtor Page 5 of 14
United States Trustee - Western District of Washington (Revised Aug. 2000)
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Case Number 02-23396
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Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
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UST-14, CONTINUATION SHEET
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
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INSTRUCTIONS: Prepare a CONTINUATION SHEET for each bank account or other source
of the debtor's funds and attach supporting documents as indicated on the
checklist below.
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Depository (bank) name Comerica
Account number 1891657171
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Purpose of this account (select one):
|X| General operating account
|_| General payroll account
|_| Tax deposit account (payroll, sales, gambling, or other taxes)
|_| Other (explain)
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Beginning cash balance 202,457.70
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Add: Transfers in from other estate bank accounts 359,545.26
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Cash receipts deposited to this account 19,977.75
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Financing or other loaned funds (identify source) 0.00
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Total cash available this month 581,980.71
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Subtract: Transfers out to other estate bank accounts 377,132.75
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Cash disbursements from this account 1,601.98
(total checks written plus cash withdrawals, if any)
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Adjustments, if any (explain) 0.00
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Ending cash balance 203,245.98
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Does this CONTINUATION SHEET include the following supporting documents, as required: Yes No
o A monthly bank statement (or trust account statement); |X| |_|
o A detailed list of receipts for that account (deposit log or receipts journal); |_| |_|
o A detailed list of disbursements for that account (check register or
disbursement journal); and, |_| |_|
o If applicable, a detailed list of funds received and/or disbursed by another
party for the debtor. |_| |_|
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UST-14 CONTINUATION SHEET, Number 1 of 7
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Case Number 02-23396
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Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
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UST-14, CONTINUATION SHEET
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
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INSTRUCTIONS: Prepare a CONTINUATION SHEET for each bank account or other source
of the debtor's funds and attach supporting documents as indicated on the
checklist below.
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Depository (bank) name Comerica
Account number 600003446
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Purpose of this account (select one):
|_| General operating account
|_| General payroll account
|_| Tax deposit account (payroll, sales, gambling, or other taxes)
|X| Other (explain) Investment Account
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Beginning cash balance 8,771.76
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Add: Transfers in from other estate bank accounts 171,170.88
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Cash receipts deposited to this account 0.00
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Financing or other loaned funds (identify source) 0.00
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Total cash available this month 179,942.64
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Subtract: Transfers out to other estate bank accounts 124,128.37
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Cash disbursements from this account 0.00
(total checks written plus cash withdrawals, if any)
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12/31 Deposit in transit = (1039.07)
Adjustments, if any (explain) 12/2002 Interest = 51.84 (987.23)
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Ending cash balance 54,827.04
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Does this CONTINUATION SHEET include the following supporting documents, as required: Yes No
o A monthly bank statement (or trust account statement); |X| |_|
o A detailed list of receipts for that account (deposit log or receipts journal); |_| |_|
o A detailed list of disbursements for that account (check register or
disbursement journal); and, |_| |_|
o If applicable, a detailed list of funds received and/or disbursed by another
party for the debtor. |_| |_|
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UST-14 CONTINUATION SHEET, Number 2 of 7
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Case Number 02-23396
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Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
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UST-14, CONTINUATION SHEET
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
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INSTRUCTIONS: Prepare a CONTINUATION SHEET for each bank account or other source
of the debtor's funds and attach supporting documents as indicated on the
checklist below.
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Depository (bank) name Comerica
Account number 1892013861
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Purpose of this account (select one):
|_| General operating account
|_| General payroll account
|_| Tax deposit account (payroll, sales, gambling, or other taxes)
|X| Other (explain) Checking
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Beginning cash balance (875.01)
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Add: Transfers in from other estate bank accounts 94,876.75
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Cash receipts deposited to this account 0.00
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Financing or other loaned funds (identify source) 0.00
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Total cash available this month 94,001.74
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Subtract: Transfers out to other estate bank accounts 0.00
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Cash disbursements from this account 115,455.98
(total checks written plus cash withdrawals, if any)
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Checks cut in Nov, Cashed in Dec = 820.00
Adjustments, if any (explain) Checks outstanding 12/31 = 20,634.24 21,454.24
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Ending cash balance 0.00
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Does this CONTINUATION SHEET include the following supporting documents, as required: Yes No
o A monthly bank statement (or trust account statement); |X| |_|
o A detailed list of receipts for that account (deposit log or receipts journal); |_| |_|
o A detailed list of disbursements for that account (check register or
disbursement journal); and, |X| |_|
o If applicable, a detailed list of funds received and/or disbursed by another
party for the debtor. |_| |_|
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UST-14 CONTINUATION SHEET, Number 3 of 7
Accounts Payable
Vendor Payment Activity-Summary
Tran No Batch Tran Date Vendor Tran Amt HC
0000028735 APSC-0002859 12/03/2002 MerrillPlace Merrill Place LLC 15,100.00
0000028736 APSC-0002860 12/03/2002 MerrillPlace Merrill Place LLC 15,100.00
0000028737 APSC-0002862 12/05/2002 PacificParki Pacific Parking 185.00
0000000000 APSC-0002861 12/05/2002 eNom, Inc. eNom, Inc. 5,000.00
0000028738 APSC-0002863 12/06/2002 WolpertCharl Charles Wolpert 300.00
0000028739 APSC-0002865 12/09/2002 AFCO AFCO, inc 14,681.66
0000028743 APSC-0002865 12/09/2002 Regenceblues Regence BlueShield 11,293.40
0000028740 APSC-0002865 12/09/2002 aicreditcorp A. I. Credit Corporation 5,467.66Reversed
0000028742 APSC-0002865 12/09/2002 fennerchris Christopher Fenner 181.68
0000000000 APSC-0002864 12/09/2002 Appliedseman Applied Sematics, Inc. 3,000.00
0000028741 APSC-0002865 12/09/2002 Cobradepartm Cobra Department Rehn & Associates 432.00
0000028740 APMC-0000804 12/12/2002 aicreditcorp A. I. Credit Corporation -5,467.66Reversal
0000028744 APSC-0002866 12/13/2002 CriticalPath Critical Path Inc. 4,741.60
0000028745 APSC-0002866 12/13/2002 WolpertCharl Charles Wolpert 1,250.00
0000000000 APSC-0002869 12/17/2002 VanguardGrou Vanguard Group 1,112.70
0000000000 APSC-0002869 12/17/2002 eNom, Inc. eNom, Inc. 5,000.00
0000028748 APSC-0002870 12/19/2002 PacificMaili Pacific Mailing & Shipping Systems 78.19
0000028750 APSC-0002870 12/19/2002 StateofWashi State of Washington Dept of Revenue 4,096.56
0000028746 APSC-0002870 12/19/2002 AT&T43716521 AT&T Wireless 43716521 261.42
0000028751 APSC-0002870 12/19/2002 VeriSign VeriSign, Inc 182.00
0000000000 APSC-0002871 12/19/2002 eNom, Inc. eNom, Inc. 4,000.00
0000028749 APSC-0002870 12/19/2002 Seattlecityl City of Seattle 80.00
0000028752 APSC-0002870 12/19/2002 worldcom4572 WorldCom 457291108 7,213.58
0000028747 APSC-0002870 12/19/2002 Cobradepartm Cobra Department Rehn & Associates 18.00
0000028753 APSC-0002873 12/20/2002 datasite Data Site 202.25
0000028754 APSC-0002873 12/20/2002 WolpertCharl Charles Wolpert 1,250.00
0000028755 APSC-0002874 12/30/2002 AFCO AFCO, inc 14,681.66
0000028756 APSC-0002874 12/30/2002 aicreditcorp A. I. Credit Corporation 5,194.28
Report Total: 114,635.98
Run Date: 01/14/200310:55:08 AM
Business Date: 01/14/2003
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Case Number 02-23396
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Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
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UST-14, CONTINUATION SHEET
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
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INSTRUCTIONS: Prepare a CONTINUATION SHEET for each bank account or other source
of the debtor's funds and attach supporting documents as indicated on the
checklist below.
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Depository (bank) name Comerica
Account number 1891657221
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Purpose of this account (select one):
|_| General operating account
|_| General payroll account
|_| Tax deposit account (payroll, sales, gambling, or other taxes)
|X| Other (explain) Insurance
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Beginning cash balance (1,353.50)
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Add: Transfers in from other estate bank accounts 0.00
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Cash receipts deposited to this account 0.00
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Financing or other loaned funds (identify source) 0.00
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Total cash available this month (1,353.50)
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Subtract: Transfers out to other estate bank accounts 0.00
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Cash disbursements from this account 0.00
(total checks written plus cash withdrawals, if any)
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Adjustments, if any (explain) Checks outstanding 12/31 1,353.50
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Ending cash balance 0.00
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Does this CONTINUATION SHEET include the following supporting documents, as required: Yes No
o A monthly bank statement (or trust account statement); |X| |_|
o A detailed list of receipts for that account (deposit log or receipts |_| |_|
journal);
o A detailed list of disbursements for that account (check register or
disbursement journal); and, |_| |_|
o If applicable, a detailed list of funds received and/or disbursed by another
party for the debtor. |_| |_|
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UST-14 CONTINUATION SHEET, Number 4 of 7
[start here]
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Case Number 02-23396
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Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
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UST-14, CONTINUATION SHEET
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
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INSTRUCTIONS: Prepare a CONTINUATION SHEET for each bank account or other source
of the debtor's funds and attach supporting documents as indicated on the
checklist below.
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Depository (bank) name Comerica
Account number 1891657189
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Purpose of this account (select one):
|_| General operating account
|X| General payroll account
|_| Tax deposit account (payroll, sales, gambling, or other taxes)
|_| Other (explain) Checking
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Beginning cash balance 10,710.94
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Add: Transfers in from other estate bank accounts 111,085.12
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Cash receipts deposited to this account 0.00
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Financing or other loaned funds (identify source) 0.00
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Total cash available this month 121,796.06
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Subtract: Transfers out to other estate bank accounts 0.00
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Cash disbursements from this account 119,612.24
(total checks written plus cash withdrawals, if any)
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Checks cut in Nov, cashed in Dec 02 = 2,290.82
Adjustments, if any (explain) 12/31 outstanding = 10,525.36 12,816.18
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Ending cash balance 15,000.00
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Does this CONTINUATION SHEET include the following supporting documents, as required: Yes No
o A monthly bank statement (or trust account statement); |X| |_|
o A detailed list of receipts for that account (deposit log or receipts journal); |_| |_|
o A detailed list of disbursements for that account (check register or
disbursement journal); and, |X| |_|
o If applicable, a detailed list of funds received and/or disbursed by another
party for the debtor. |_| |_|
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UST-14 CONTINUATION SHEET, Number 5 of 7
[state here]
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Case Number 02-23396
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Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
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UST-14, CONTINUATION SHEET
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
- -------------------------------------------------------------------------------
INSTRUCTIONS: Prepare a CONTINUATION SHEET for each bank account or other source
of the debtor's funds and attach supporting documents as indicated on the
checklist below.
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Depository (bank) name Comerica
Account number 1891657239
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Purpose of this account (select one):
|_| General operating account
|_| General payroll account
|_| Tax deposit account (payroll, sales, gambling, or other taxes)
|X| Other (explain) Lockbox
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Beginning cash balance 0.00
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Add: Transfers in from other estate bank accounts 0.00
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Cash receipts deposited to this account 235,416.89
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Financing or other loaned funds (identify source) 0.00
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Total cash available this month 235,416.89
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Subtract: Transfers out to other estate bank accounts 235,416.89
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Cash disbursements from this account 0.00
(total checks written plus cash withdrawals, if any)
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Adjustments, if any (explain) 0.00
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Ending cash balance 0.00
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Does this CONTINUATION SHEET include the following supporting documents, as required: Yes No
o A monthly bank statement (or trust account statement); |X| |_|
o A detailed list of receipts for that account (deposit log or receipts journal); |_| |_|
o A detailed list of disbursements for that account (check register or
disbursement journal); and, |_| |_|
o If applicable, a detailed list of funds received and/or disbursed by another
party for the debtor. |_| |_|
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UST-14 CONTINUATION SHEET, Number 6 of 7
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Case Number 02-23396
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Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
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UST-14, CONTINUATION SHEET
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
- -------------------------------------------------------------------------------
INSTRUCTIONS: Prepare a CONTINUATION SHEET for each bank account or other source
of the debtor's funds and attach supporting documents as indicated on the
checklist below.
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Depository (bank) name Comerica
Account number 1891659607
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Purpose of this account (select one):
|_| General operating account
|_| General payroll account
|_| Tax deposit account (payroll, sales, gambling, or other taxes)
|X| Other (explain) IDR
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Beginning cash balance 0.00
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Add: Transfers in from other estate bank accounts 0.00
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Cash receipts deposited to this account 0.00
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Financing or other loaned funds (identify source) 0.00
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Total cash available this month 0.00
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Subtract: Transfers out to other estate bank accounts 0.00
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Cash disbursements from this account 0.00
(total checks written plus cash withdrawals, if any)
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Adjustments, if any (explain) 0.00
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Ending cash balance 0.00
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Does this CONTINUATION SHEET include the following supporting documents, as required: Yes No
o A monthly bank statement (or trust account statement); |X| |_|
o A detailed list of receipts for that account (deposit log or receipts journal); |_| |_|
o A detailed list of disbursements for that account (check register or
disbursement journal); and, |_| |_|
o If applicable, a detailed list of funds received and/or disbursed by another
party for the debtor. |_| |_|
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UST-14 CONTINUATION SHEET, Number 7 of 7
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Case Number 02-23396
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Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
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UST-14, SUMMARY OF DISBURSEMENTS (contd.)
Payments on Pre-Petition Unsecured Debt (requires court approval)
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Did the debtor, or another party on behalf of the debtor, make any payments
during this reporting month on pre-petition unsecured debt? Yes |_| No |X|
If "Yes", list each payment.
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Payment Date of court
Payee's name Nature of payment Payment date amount approval
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Payments to Attorneys and Other Professionals (requires court approval)
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Did the debtor, or another party on behalf of the debtor, make any payments
during this reporting month to a professional such as an attorney, accountant,
realtor, appraiser, auctioneer, business consultant, or other professional
person? Yes |_| No |X| If "Yes", list each payment.
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Payment Date of court
Professional's name Type of work performed Payment date amount approval
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Payments to an Officer, Director, Partner, or Other Insider of The Debtor
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Did the debtor, or another party on behalf of the debtor, make any payments
during this reporting month to an officer, director, partner, or other insider
of the debtor? Yes |X| No |_| If "Yes", list each payment.
- -------------------------------------------------------------------------------
Payment Purpose of
Payee's name Relationship to Debtor Payment date amount payment
- ------------------------------- ------------------------------ ----------------- ------------ ---------------
N. Scott Dickson Acting CEO & CFO 12/15/02 $7,291.67 Salary
- ------------------------------- ------------------------------ ----------------- ------------ ---------------
N. Scott Dickson Acting CEO & CFO 12/31/02 $7,291.67 Salary
- ------------------------------- ------------------------------ ----------------- ------------ ---------------
Joseph Shatara VP Ehost 12/15/02 $7,083.33 Salary
- ------------------------------- ------------------------------ ----------------- ------------ ---------------
Joseph Shatara VP Ehost 12/15/02 $10,000.00 Bonus
- -------------------------------------------------------------------------------------------------------------
Joseph Shatara VP Ehost 12/31/02 $7,083.33 Salary
INSTRUCTIONS: Use the last column to describe the purpose of each payment, such
as gross wages or salary, reimbursement for business expenses, loan repayment,
advance, draw, bonus, dividend, stock distribution, or other reason for the
payment (explain).
- -------------------------------------------------------------------------------
Monthly Financial Report - Corporate or Partnership Debtor Page 6 of 14
United States Trustee - Western District of Washington (Revised Aug. 2000)
---------
Case Number 02-23396
---------
Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
- --------------------------------------------------------------------- ---------
UST-15, STATEMENT OF AGED RECEIVABLES
- -------------------------------------------------------------------------------
INSTRUCTIONS: Complete all portions of UST-15, STATEMENT OF AGED RECEIVABLES,
unless the debtor asserts the following two statements are true for this
reporting month:
1) At the beginning of the reporting month, the debtor did not have
any uncollected receivables from prior months which includes both
pre-petition and post-petition accounts receivable; and,
2) During the reporting month, the debtor did not have any
receivables activity, including the accrual of new accounts
receivable, or the collection or writeoff of accounts receivable
from prior months.
Check here |_| if the debtor asserts that both statements are correct and skip
to UST-16, STATEMENT OF POST-PETITION PAYABLES, on the next page.
- -------------------------------------------------------------------------------
Accounts Receivable Aging
- ----------------- -------------- --------------- -------------- -------------- --------------- --------------
Balance at Current Past due Past due Past due Uncollectible
month end portion 31-60 days 61-90 days over 90 days receivables
- ----------------- -------------- --------------- -------------- -------------- --------------- --------------
Pre-petition 2,123,513.42 110,366.01 (500.00) 24,876.96 6,090.94 1,982,679.51
receivables
- ----------------- -------------- --------------- -------------- -------------- --------------- --------------
Post-petition 195,191.01 82,486.33 112,704.68
receivables
- ----------------- -------------- --------------- -------------- -------------- --------------- --------------
TOTALS 2,318,704.43 192,852.34 112,204.68 24,876.96 6,090.94 1,982,679.51
- ----------------- -------------- --------------- -------------- -------------- --------------- --------------
Explain what efforts the debtor made during this reporting month to collect
receivables over 60 days past due.
Email, Phone Calls, Collection Agencies
- -------------------------------------------------------------------------------
Does the debtor have any accounts receivable due from an officer, director,
partner, or other insider of the debtor? If yes, explain.
Yes, Prior Acquisition Notes = 132,700
Loans to former officers = 454,696
- -------------------------------------------------------------------------------
Accounts Receivable Reconciliation
- ---------------------------------------------------------- --------------------------------------------------
Closing balance from prior month 2,274,864.07
- ---------------------------------------------------------- --------------------------------------------------
New accounts receivable added this month 288,767.48
- ---------------------------------------------------------- --------------------------------------------------
Subtotal 2,563,631.55
- ---------------------------------------------------------- --------------------------------------------------
Less accounts receivable collected 244,927.12
- ---------------------------------------------------------- --------------------------------------------------
Closing balance for current month 2,318,704.43
- ---------------------------------------------------------- --------------------------------------------------
Monthly Financial Report - Corporate or Partnership Debtor Page 7 of 14
United States Trustee - Western District of Washington (Revised Aug. 2000)
---------
Case Number 02-23396
---------
Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
- --------------------------------------------------------------------- ---------
UST-16, STATEMENT OF POST-PETITION PAYABLES
PART A - TAXES
- -------------------------------------------------------------------------------
INSTRUCTIONS: Complete both pages of PART A - TAXES unless the debtor asserts
the following statement is true for this reporting month:
At the end of this reporting month, the debtor did not have any unpaid
post-petition taxes which includes both current and delinquent tax
obligations.
Check here |_| if the debtor asserts the statement is correct, and skip to PART
B - OTHER PAYABLES on Page 10.
- -------------------------------------------------------------------------------
Reconciliation of Unpaid Post-Petition Taxes
- ------------------------------- --------------------- ----------------- ------------------- ------------------
Type of tax (1) (2) (3) (4)
Post-petition Unpaid
Unpaid taxes accrued Post-petition tax post-petition
post-petition taxes this month payments made taxes at end of
from prior (new this reporting reporting month
reporting month obligations) month (Column 1+2-3=4)
- ------------------------------- --------------------- ----------------- ------------------- ------------------
Federal Taxes
- ------------------------------- --------------------- ----------------- ------------------- ------------------
Employee withholding taxes 0.00 25,652.04 25,652.04 0.00
- ------------------------------- --------------------- ----------------- ------------------- ------------------
FICA/Medicare--Employee 0.00 4,716.29 4,716.29 0.00
- ------------------------------- --------------------- ----------------- ------------------- ------------------
FICA/Medicare--Employer 0.00 4,989.24 4,989.24 0.00
- ------------------------------- --------------------- ----------------- ------------------- ------------------
Unemployment 0.00 59.45 59.45 0.00
- ------------------------------- --------------------- ----------------- ------------------- ------------------
State Taxes
- ------------------------------- --------------------- ----------------- ------------------- ------------------
Dept. of Revenue 4,096.56 4,619.24 4,096.56 4,619.24
- ------------------------------- --------------------- ----------------- ------------------- ------------------
Dept. of Labor & Industries 205.96 292.47 0.00 498.43
- ------------------------------- --------------------- ----------------- ------------------- ------------------
Empl. Security Dept. 0.00 507.56 507.56 0.00
- ------------------------------- --------------------- ----------------- ------------------- ------------------
Other Taxes
Local city/county -
Seattle Business Improvement 0.00 180.13 0.00 180.13
- ------------------------------- --------------------- ----------------- ------------------- ------------------
Gambling 0.00 0.00
- ------------------------------- --------------------- ----------------- ------------------- ------------------
Personal property 0.00 0.00
- ------------------------------- --------------------- ----------------- ------------------- ------------------
Real property 0.00 0.00
- ------------------------------- --------------------- ----------------- ------------------- ------------------
Other
Seattle B&O 1,133.38 1,277.99 0.00 2,411.37
- ------------------------------- --------------------- ----------------- ------------------- ------------------
Total Unpaid Post-Petition Taxes $ 7,709.17
- ------------------------------------------------------------------------------------------- ------------------
Monthly Financial Report - Corporate or Partnership Debtor Page 8 of 14
United States Trustee - Western District of Washington (Revised Aug. 2000)
---------
Case Number 02-23396
---------
Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
- --------------------------------------------------------------------- ---------
UST-16, STATEMENT OF POST-PETITION PAYABLES
PART A - TAXES (contd.)
Delinquent Tax Reports and Tax Payments
- ----------------------- ------------------------- --------------------- --------------------- ---------------
Taxing agency Tax reporting period Report due date Payment due date Amount due
- ----------------------- ------------------------- --------------------- --------------------- ---------------
0
- ----------------------- ------------------------- --------------------- --------------------- ---------------
- ----------------------- ------------------------- --------------------- --------------------- ---------------
- ----------------------- ------------------------- --------------------- --------------------- ---------------
- ----------------------- ------------------------- --------------------- --------------------- ---------------
- ----------------------- ------------------------- --------------------- --------------------- ---------------
- ----------------------- ------------------------- --------------------- --------------------- ---------------
- -------------------------------------------------------------------------------
Explain the reason for any delinquent tax reports or tax payments:
- -------------------------------------------------------------------------------
Monthly Financial Report - Corporate or Partnership Debtor Page 9 of 14
United States Trustee - Western District of Washington (Revised Aug. 2000)
---------
Case Number 02-23396
---------
Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
- --------------------------------------------------------------------- ---------
UST-16, STATEMENT OF POST-PETITION PAYABLES
PART B - OTHER PAYABLES
- -------------------------------------------------------------------------------
INSTRUCTIONS: Complete both pages of PART B - OTHER PAYABLES unless the debtor
asserts that this statement is true for this reporting month:
Except for taxes and professional fees disclosed in PART A and PART C
of this report, respectively, the debtor has no other unpaid
post-petition payables from the current reporting month, or from any
prior reporting months.
Check here |_| if the debtor asserts the statement is correct, and skip to PART
C - ESTIMATED PROFESSIONAL FEES on Page 12.
- -------------------------------------------------------------------------------
Reconciliation of Post-Petition Payables (excluding taxes and professional fees)
- --------------------------------------------------------------------------- ---------------------------------
Closing balance from prior month 237,216.89
- --------------------------------------------------------------------------- ---------------------------------
New payables added this month 175,437.19
- --------------------------------------------------------------------------- ---------------------------------
Subtotal 412,654.08
- --------------------------------------------------------------------------- ---------------------------------
Less payments made this month Payments 110,539.42
Leases reversed 119,726.94
- --------------------------------------------------------------------------- ---------------------------------
Closing balance for this reporting month 182,387.72
- --------------------------------------------------------------------------- ---------------------------------
Breakdown of Closing Balance by Age
- --------------------------------------------------------------------------- ---------------------------------
Current portion 28,021.70
- --------------------------------------------------------------------------- ---------------------------------
Past due 1-30 days 86,554.28
- --------------------------------------------------------------------------- ---------------------------------
Past due 31-60 days 67,811.74
- --------------------------------------------------------------------------- ---------------------------------
Past due 61-90 days
- --------------------------------------------------------------------------- ---------------------------------
Past due over 90 days
- --------------------------------------------------------------------------- ---------------------------------
Total $ 182,387.72
- --------------------------------------------------------------------------- ---------------------------------
For accounts payable more than 30 days past due, explain why payment has not
been made:
Qwest - paid 1/7/03
Merrill Place LLC - deferred rent
Remainder - determining if company needs to get out of contracts
- -------------------------------------------------------------------------------
Monthly Financial Report - Corporate or Partnership Debtor Page 10 of 14
United States Trustee - Western District of Washington (Revised Aug. 2000)
---------
Case Number 02-23396
---------
Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
- --------------------------------------------------------------------- ---------
UST-16, STATEMENT OF POST-PETITION PAYABLES
PART B - OTHER PAYABLES (contd.)
- -------------------------------------------------------------------------------
INSTRUCTIONS: List each post-petition payable delinquent more than 30 days.
Alternatively, attach the debtor's accounts payable aging report if the report:
1) clearly separates pre-and post-petition accounts payable, and, 2) identifies
each delinquent payable by vendor's name, invoice date, invoice amount, and
payment due date.
- -------------------------------------------------------------------------------
Delinquent Post-Petition Payables (excluding taxes and professional fees)
- ---------------------------- -------------------------- -------------------------- --------------------------
Vendor name Invoice date Invoice amount Payment due date
- ---------------------------- -------------------------- -------------------------- --------------------------
AT&T Wireless Service 11/27/02 28.06 11/27/02
- ---------------------------------- -------------------- -------------------------- --------------------------
Compass Communications 10/15/02 4,026.59 11/09/02
- ---------------------------------- -------------------- -------------------------- --------------------------
Ironport Systems 11/22/02 1,800.00 11/22/02
- ---------------------------------- -------------------- -------------------------- --------------------------
Merrill Place LLC 11/01/02 47,512.67 11/01/02
- ---------------------------------- -------------------- -------------------------- --------------------------
MFS Telecom, Inc. 11/02/02 796.06 11/02/02
- ---------------------------------- -------------------- -------------------------- --------------------------
Qwest 11/11/02 12,997.36 11/30/02
- ---------------------------------- -------------------- -------------------------- --------------------------
Team Mechanical, Inc. 11/11/02 651.00 11/21/02
Monthly Financial Report - Corporate or Partnership Debtor Page 11 of 14
United States Trustee - Western District of Washington (Revised Aug. 2000)
---------
Case Number 02-23396
---------
Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
- --------------------------------------------------------------------- ---------
UST-16, STATEMENT OF POST-PETITION PAYABLES
PART C - ESTIMATED PROFESSIONAL FEES
- -------------------------------------------------------------------------------
INSTRUCTIONS: Report only post-petition professional fees and expenses. To the
extent possible, use billing statements to report the actual amounts due. If
billing statements are not available, use the best information available to
estimate the fees and costs.
- -------------------------------------------------------------------------------
Fees and Total estimated
Amount of retainer Fees and expenses expenses added fees and expenses
Type of professional (if applicable) from prior months this month at month end
- ------------------------------- -------------------- ------------------- ------------------ ---------------------
Debtor's counsel 75,000 44,000 Pending 44,000
- ------------------------------- -------------------- ------------------- ------------------ ---------------------
Debtor's accountant
- ------------------------------- -------------------- ------------------- ------------------ ---------------------
Debtor's other professional
- ------------------------------- -------------------- ------------------- ------------------ ---------------------
Trustee's counsel
- ------------------------------- -------------------- ------------------- ------------------ ---------------------
Creditors' Committee Counsel
- ------------------------------- -------------------- ------------------- ------------------ ---------------------
Creditors' Committee other
- ------------------------------------------------------------------------------------------- ---------------------
Total estimated post-petition professional fees and costs $ 44,000
- ------------------------------------------------------------------------------------------- ---------------------
Monthly Financial Report - Corporate or Partnership Debtor Page 12 of 14
United States Trustee - Western District of Washington (Revised Aug. 2000)
---------
Case Number 02-23396
---------
Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
- --------------------------------------------------------------------- ---------
UST-17, STATEMENT OF OPERATIONS
INSTRUCTIONS: Answer each question fully and attach additional sheets if necessary to provide a Yes No
complete response.
- -------------------------------------------------------------------------------------------------------- ----- ------
Question 1 - Sale of Debtor's Assets. Did the debtor, or another party on behalf
of the debtor, sell, transfer, or otherwise dispose of any of the
debtor's assets during the reporting month? Include only sales out of the
ordinary course. If yes, identify each asset, date of court approval for the
sale, method of disposition, and gross and net sale proceeds received. If real
property was sold, attach a copy of the closing statement. If assets were sold
at auction, attach a copy of the auctioneer's report. |_| |X|
- -------------------------------------------------------------------------------------------------------- ----- ------
Question 2 - Financing. During the reporting month, did the debtor receive any
funds from an outside funding source? If yes, indicate the source of
funds, date paid to debtor, dollar amount, and date of court approval. |_| |X|
- -------------------------------------------------------------------------------------------------------- ----- ------
Question 3 - Insider Loans. During the reporting month, did the debtor receive
any funds from an officer, director, partner, or other insider of the
debtor? If yes, indicate the source of funds, date paid to debtor, dollar
amount, and date of court approval. |_| |X|
- -------------------------------------------------------------------------------------------------------- ----- ------
Question 4 - Insurance and Bond Coverage. Did the debtor renew or replace any
insurance policies during this reporting month? If yes, attach a
certificate of insurance for each renewal or change in coverage. |_| |X|
Were any of the debtor's insurance policies canceled or otherwise terminated for
any reason during the reporting month? If yes, explain. |X| |_|
Employment related practices liability expired.
Were any claims made during this reporting month against the debtor's bond?
(Answer "No" if the debtor is not required to have a bond.) If yes,
explain. |_| |X|
- -------------------------------------------------------------------------------------------------------- ----- ------
Monthly Financial Report - Corporate or Partnership Debtor Page 13 of 14
United States Trustee - Western District of Washington (Revised Aug. 2000)
---------
Case Number 02-23396
---------
Debtor NETWORK COMMERCE, INC. Report Mo/Yr 12-2002
- --------------------------------------------------------------------- ---------
UST-17, STATEMENT OF OPERATIONS (contd.)
- -------------------------------------------------------------------------------
Question 5 - Personnel Changes. Complete the following:
Full-time Part-time
----------------- ---------------
Number of employees at beginning of month 14 0
----------------- ---------------
Employees added 2 0
----------------- ---------------
Employees resigned/terminated 2 0
----------------- ---------------
Number employees at end of month 14 0
----------------- ---------------
Gross Monthly Payroll and Taxes $122,562
- --------------------------------------------------------------------------------------------- ---------------
Question 6 - Significant Events. Explain any significant new developments during
the reporting month.
N/A
- -------------------------------------------------------------------------------
Question 7 - Case Progress. Explain what progress the debtor made during the
reporting month toward confirmation of a plan of reorganization.
The Debtor is currently in the process of rejecting personal property leases,
settling litigation disputes and making arrangements for asset sales.
Approximately $220,000 of settlements should be approved by the Court in
January.
- -------------------------------------------------------------------------------
WHERE TO FILE A MONTHLY FINANCIAL REPORT: Local Bankruptcy Rule 2015-2(a)
requires the debtor to file its monthly financial report with the U.S.
Bankruptcy Court, and to serve copies of such report on the U.S. Trustee, and on
each member of any committees elected or appointed pursuant to the Bankruptcy
Code and to their authorized agents.
File the original (select only one) Send a copy to each of the following:
- ------------------------------------------- ------------------------------------
For a chapter 11 case filed in Seattle, WA: Office of the United States Trustee
600 Park Place Building
United States Bankruptcy Court 1200 Sixth Avenue
315 Park Place Building Seattle, WA 98101
1200 Sixth Avenue
Seattle, WA 98101
If applicable, each member of any committees
elected or appointed, and to their authorized
For a chapter 11 case filed in Tacoma, WA: agents.
United States Bankruptcy Court Debtor's counsel.
1717 Pacific Avenue, Suite 2100
Tacoma, WA 98402
Monthly Financial Report - Corporate or Partnership Debtor Page 14 of 14
United States Trustee - Western District of Washington (Revised Aug. 2000)