EXHIBIT 99.19
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF CALIFORNIA
IN RE: TAL WIRELESS NETWORKS, INC. CASE NO: 97-58435 MM
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CHAPTER 11
MONTHLY OPERATING REPORT
(GENERAL BUSINESS CASE)
- -------------------------------------------------------------------------
SUMMARY OF FINANCIAL STATUS
MONTH ENDED November, 1999
-------------------------
1. Debtor in possession hereby submits this Monthly Operating Report on the
Accrual Basis of accounting (or if checked here ___ the Office of the
U.S. Trustee or the Court has approved the Cash Basis of Accounting for
the Debtor). Dollars reported in ($ _____).
END OF END OF AS OF
CURRENT PRIOR PETITION
2. ASSET/LIABILITY SUMMARY MONTH MONTH FILING
----- ----- ------
Current Assets (Market Value) $123,141 $125,229 $245,867
----------------- ---------------- ----------------
Total Assets (Market Value) $3,123,141 $3,125,229 $5,665,985
----------------- ---------------- ----------------
Current Liabilities $295,667 $273,792 $0
----------------- ---------------- ----------------
Total Liabilities $5,662,702 $5,640,827 $5,467,035
----------------- ---------------- ----------------
PETITION
CURRENT PRIOR DATE TO
3. STATEMENT OF CASH RECEIPTS & DISBURSEMENTS FOR MONTH MONTH MONTH MONTH END
----- ----- ---------
a. Total Receipts $0 $0 $285,557
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b. Total Disbursements $2,088 $2,772 $178,897
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c. Excess (Deficiency) of Receipts Over Disbursements (a - b) ($2,088) ($2,772) $106,660
----------------- ---------------- ----------------
d. Cash Balance Beginning of Month $125,229 $128,001 ----------------
----------------- ----------------
e. Cash Balance End of Month (c + d) $123,141 $ 125,229
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----------------- ----------------
4. POST-PETITION LIABILITIES & RECEIVABLES RECEIVABLES LIABILITIES
----------- -----------
Balance at End of Previous Month $0 $272,792
----------------- ----------------
Balance at End of Current Month $0 $295,667
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5. PAST DUE POST-PETITION LIABILITIES
Balance at End of Previous Month (over 30 days) $0
-----------------
Balance at End of Current Month (over 30 days) $0
-----------------
YES NO
--- --
6. Are all federal, state, and local taxes current? (if no, attach schedule
of unpaid items) X
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7. Have any payments been made to pre-petition creditors, other than payments
in the normal course to secured creditors or lessors? (if yes, attach listing
including date of payment, amount of payment and name of payee) X
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8. Have any payments been made to officers, insiders, shareholders, relatives?
(if yes, attach listing including date of payment, amount and reason for payment,
and name of payee) X
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9. Have any payments been made to professionals? (if yes, attach listing including
date of payment, amount of payment and name of payee) X
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10. If you answered yes to line 7,8, or 9, were all such payments approved by the court? # N/A
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11. Is the estate insured for replacement cost of assets and for general liability? N/A
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12. Are U.S. Trustee quarterly fees current? X
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I declare under penalty of perjury that I have reviewed the above summary
and attached financial statements, and after making reasonable inquiry
believe that these documents are correct.
Date: 12/13/99 Richard J Redett
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Responsible Individual
BALANCE SHEET
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED November, 1999
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($ )
--------
ASSETS
FROM SCHEDULES MARKET VALUE
-------------- ------------
CURRENT ASSETS
1 Cash and cash equivalents - unrestricted $123,141
------------------------
2 Cash and cash equivalents - restricted $0
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3 Accounts receivable (net) A $0
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4 Inventory B $0
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5 Prepaid expenses $0
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6 Other:
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7
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8 TOTAL CURRENT ASSETS $123,141
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PROPERTY AND EQUIPMENT (MARKET VALUE)
9 Real property C $0
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10 Machinery and equipment D $0
------------------------
11 Furniture and fixtures D $0
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12 Office equipment D $0
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13 Leasehold improvements D $0
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14 Vehicles D $0
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15 Other: D
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16 D
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17 D
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18 D
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19 D
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20 TOTAL PROPERTY AND EQUIPMENT $0
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OTHER ASSETS
21 Notes receivable-net of allowances $3,000,000
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22 Investment-NST $0
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23 Investment-subs $0
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24 Accounts receivable-intercompany net of allowances $0
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25 TOTAL OTHER ASSETS $3,000,000
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26 TOTAL ASSETS $3,123,141
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------------------------
NOTE:
Indicate the method used to estimate the market value of assets
(e.g., appraisals; familiarity with comparable market prices,
etc.) and the date the value was determined.
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LIABILITIES AND EQUITY
(GENERAL BUSINESS CASE)
($ )
--------
LIABILITIES FROM SCHEDULES
--------------
POST-PETITION
CURRENT LIABILITIES
27 Salaries and wages
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28 Payroll taxes
------------------------
29 Real and personal property taxes
------------------------
30 Income taxes
------------------------
31 Notes payable (short term)
------------------------
32 Accounts payable (trade) A
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33 Real property lease arrearage
------------------------
34 Personal property lease arrearage
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35 Accrued professional fees $270,667
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36 Current portion of long-term debt (due within 12 months)
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37 Other:
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38 Unearned Deposit for legal fees $25,000
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39
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40 TOTAL CURRENT LIABILITIES $295,667
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41 LONG-TERM DEBT, NET OF CURRENT PORTION
------------------------
42 TOTAL POST-PETITION LIABILITIES $295,667
------------------------
PRE-PETITION LIABILITIES (ALLOWED AMOUNT)
43 Secured claims E
------------------------
44 Priority unsecured claims E $101,776
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45 General unsecured claims E $5,265,259
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46 TOTAL PRE-PETITION LIABILITIES $5,367,035
------------------------
47 TOTAL LIABILITIES $5,662,702
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EQUITY (DEFICIT)
48 Preferred Stock $80,000
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49 Common Stock $28,846
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50 Additional Paid-In Capital $18,461,441
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51 Accumulated Deficit ($21,075,105)
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52 Market value adjustment ($34,743)
------------------------
53 TOTAL EQUITY (DEFICIT) ($2,539,561)
------------------------
54 TOTAL LIABILITIES AND EQUITY (DEFICIT) $3,123,141
------------------------
------------------------
SCHEDULES
(GENERAL BUSINESS CASE)
($ )
--------
SCHEDULE A
ACCOUNTS RECEIVABLE(NET)/PAYABLE
ACCOUNTS ACCOUNTS PAYABLE
Receivables and Payables Ageings RECEIVABLE [POST PETITION] POST PETITION DEBT
---------- ------------- ------------------
0 -30 Days
----------------- -------------------- ---
31-60 Days
----------------- --------------------
61-90 Days $0
----------------- -------------------- --------------------------
91+ Days
----------------- -------------------- ---
Total accounts receivable/payable $0 $0
----------------- --------------------
--------------------
Allowance for doubtful accounts
-----------------
Accounts receivable (net) $0
-----------------
-----------------
SCHEDULE B
INVENTORY/COST OF GOODS SOLD
TYPES AND AMOUNT OF INVENTORY(IES) COST OF GOODS SOLD
---------------------------------- ------------------
INVENTORY(IES) Inventory Beginning of Month
------------------
BALANCE AT
END OF MONTH Add -
------------
Retail/Restaurants - Net purchases
------------------
Product for resale Direct labor
---------------------- ------------------
Manufacturing overhead
------------------
Distribution - Freight in
------------------
Product for resale Other:
----------------------
------------------------ ------------------
Manufacturer -
------------------------ ------------------
Raw materials
----------------------
Work-in-progress Less -
----------------------
Finished goods Inventory End of Month
---------------------- ------------------
Shrinkage
------------------
Other - Personal Use
---------------------- ------------------
Explain
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Cost of Goods Sold $0
------------------------------------ ------------------
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TOTAL $0
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METHOD OF INVENTORY CONTROL INVENTORY VALUATION METHODS
--------------------------- ---------------------------
Do you have a functioning perpetual inventory system? Indicate by a checkmark method of inventory valuation used.
Yes No
---- ---
How often do you take a complete physical inventory? Valuation methods -
FIFO cost
--------------------
Weekly LIFO cost
---- --------------------
Monthly Lower of cost or
----
Quarterly market
---- --------------------
Semi-annually Retail method
---- --------------------
Annually
----
Other -
--------------------
Date of last physical inventory was Unknown Explain
--------------------
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Date of next physical inventory is N/A
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SCHEDULE C
REAL PROPERTY
DESCRIPTION COST MARKET VALUE
----------- ---- ------------
None
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TOTAL $0 $0
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SCHEDULE D
OTHER DEPRECIABLE ASSETS
DESCRIPTION COST MARKET VALUE
----------- ---- ------------
MACHINERY & EQUIPMENT -
------------------------------------------- -------------------- ------------------------
------------------------------------------- -------------------- ------------------------
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TOTAL $0 $0
-------------------- ------------------------
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FURNITURE & FIXTURES -
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TOTAL $0 $0
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OFFICE EQUIPMENT -
------------------------------------------- -------------------- ------------------------
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TOTAL $0 $0
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LEASEHOLD IMPROVEMENTS -
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TOTAL $0 $0
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VEHICLES -
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TOTAL $0 $0
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SCHEDULE E
PRE-PETITION LIABILITIES
CLAIMED ALLOWED
LIST TOTAL CLAIMS FOR EACH CLASSIFICATION - AMOUNT AMOUNT (b)
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Secured claims (a)
-------------------- ------------------------
Priority claims other than taxes
-------------------- ------------------------
Priority tax claims $101,776
-------------------- ------------------------
General unsecured claims $5,265,259
-------------------- ------------------------
(a) List total amount of claims even if under secured.
(b) Estimated amount of claim to be allowed after compromise or
litigation. As an example, you are a defendant in a lawsuit
alleging damage of $10,000,000 and a proof of claim is
filed in that amount. You believe that you can settle the
case for a claim of $3,000,000. For Schedule E reporting
purposes you should list $10,000,000 as the Claimed Amount
and $3,000,000 as the Allowed Amount.
SCHEDULE F
STATEMENT OF OPERATIONS
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED November, 1999
--------------
$
----------------
CURRENT MONTH
- ------------------------------------------------------
ACTUAL FORECAST VARIANCE
------ -------- --------
REVENUES
$0 1 Gross Sales
- --------------- -------------- -------------
$0 2 less: Sales Returns & Allowances
- --------------- -------------- -------------
$0 3 Net Sales
- --------------- -------------- -------------
$0 4 less: Cost of Goods Sold (Schedule 'B')
- --------------- -------------- -------------
$0 5 Gross Profit
- --------------- -------------- -------------
$0 6 Interest
- --------------- -------------- -------------
7 Other Income:
$0 8 Miscellaneous
- --------------- -------------- ------------- ---------------------------------------------------------------
$0 9 Insurance Settlement
- --------------- -------------- ------------- ---------------------------------------------------------------
$0 $0 $0 10 TOTAL REVENUES
- --------------- -------------- -------------
EXPENSES
$0 11 Compensation to Owner(s)/Officer(s)
- --------------- -------------- -------------
$0 12 Salaries/Commissions
- --------------- -------------- -------------
$0 13 Management Fees
- --------------- -------------- -------------
$0 14 Depreciation
- --------------- -------------- -------------
$0 15 Taxes:
- --------------- -------------- -------------
$0 16 Employer Payroll Taxes
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$0 17 Real Property Taxes
- --------------- -------------- -------------
$0 18 Other Taxes
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$0 19 Other Selling
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$265 ($265) 20 Other Administrative
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$0 21 Write-off Investment Subs
- --------------- -------------- -------------
22 Other Expenses:
$825 ($825) 23 Storage Rental
- --------------- -------------- ------------- ---------------------------------------------------------------
$0 24 Accounting
- --------------- -------------- ------------- ---------------------------------------------------------------
$0 25 Press Release
- --------------- -------------- ------------- ---------------------------------------------------------------
$0 26 Telecommunications
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$748 ($748) 27 SEC Reporting
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$0 28 Litigation Costs
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$0 29 Write-off of Accounts Receivable
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$0 30 Writedown of Notes Receivable
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$1,838 $0 ($1,838) 31 TOTAL EXPENSES
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($1,838) $0 ($1,838) 32 SUBTOTAL
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REORGANIZATION ITEMS
$21,875 ($21,875) 33 Professional Fees
- --------------- -------------- -------------
$0 34 Provisions for Rejected Executory Contracts
- --------------- -------------- -------------
Interest Earned on Accumulated Cash
$0 35 Resulting from Chp 11 Case
- --------------- -------------- -------------
$0 36 Gain or (Loss) from Sale of Equipment
- --------------- -------------- -------------
$250 ($250) 37 US Trustee Fees
- --------------- -------------- ------------- ---------------------------------------------------------------
$0 38 Loss from Sale of Investments
- --------------- -------------- ------------- ---------------------------------------------------------------
$22,125 $0 ($22,125) 39 TOTAL REORGANIZATION ITEMS
- --------------- -------------- -------------
($23,963) $0 ($23,963) 40 NET PROFIT (LOSS) BEFORE FEDERAL & STATE TAXES
- --------------- -------------- -------------
$0 41 Federal & State Income Taxes
- --------------- -------------- -------------
($23,963) $0 ($23,963) 42 NET PROFIT (LOSS)
- --------------- -------------- -------------
- --------------- -------------- -------------
CUMULATIVE NEXT MONTH
(CASE TO DATE) FORECAST
------------ --------
$7,000
- -------------------- --------------
- -------------------- --------------
$7,000 $0
- -------------------- --------------
$68,271
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($61,271) $0
- -------------------- --------------
$92
- -------------------- --------------
$4,340
- -------------------- --------------
$130,000
- -------------------- --------------
$73,161 $0
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$2,303
- -------------------- --------------
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$2,322
- -------------------- --------------
$112,618
- -------------------- --------------
$6,045
- -------------------- --------------
$1,510
- -------------------- --------------
$725
- -------------------- --------------
$5,015
- -------------------- --------------
$10,263
- -------------------- --------------
$1,193
- -------------------- --------------
$55,156
- -------------------- --------------
$2,000,000
- -------------------- --------------
$2,197,150 $0
- -------------------- --------------
($2,123,989) $0
- -------------------- --------------
$387,993
- -------------------- --------------
- -------------------- --------------
- -------------------- --------------
$4,592
- -------------------- --------------
$3,000
- -------------------- --------------
$220,000
- -------------------- --------------
$606,401 $0
- -------------------- --------------
($2,730,390) $0
- -------------------- --------------
- -------------------- --------------
($2,730,390) $0
- -------------------- --------------
- -------------------- --------------
(EXPLANATION OF VARIANCE TO STATEMENT OF OPERATIONS
FOR VARIANCES GRATER THAN +/- 10% ONLY)
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- -------------------------------------------------------------------------------
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SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED November, 1999
----------------
CASH BALANCE BEGINNING OF MONTH $125,229
----------------------
CASH RECEIPTS (1) $0
----------------------
CASH DISBURSEMENTS (1) $2,088
----------------------
EXCESS (DEFICIENCY) OF RECEIPTS OVER DISBURSEMENTS ($2,088)
----------------------
CASH BALANCE END OF MONTH $123,141
----------------------
----------------------
RECAPITULATION OF FUNDS HELD AT END OF MONTH
- --------------------------------------------
ACCOUNT 1 ACCOUNT 2 ACCOUNT 3
--------- --------- ---------
BANK Wells Fargo Mallesons Stephen Murray & Murray
--------------------- --------------------- ----------------------
ACCOUNT TYPE Checking Trust Account Trust Account
--------------------- --------------------- ----------------------
ACCOUNT NO. 0114-458243
--------------------- --------------------- ----------------------
ACCOUNT PURPOSE General Litigation Trust Deposit Trust
--------------------- --------------------- ----------------------
BALANCE, END OF MONTH $71,968 $26,173 $25,000
--------------------- --------------------- ----------------------
TOTAL FUNDS ON HAND FOR ALL ACCOUNTS $123,141
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---------------------
(1) Excluding bank transfers between your accounts.