UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
IN RE: USINTERNETWORKING, INC. CHAPTER 11
Case No. 02-5-0215-SD
Debtor(s)
MONTHLY OPERAING REPORT Calendar Month MARCH 1 THROUGH MARCH 31, 2002
FINANCIAL BACKGROUND INFORMATION
1. ACCOUNTING BASIS: Cash Accrual X
2. PREPARER: State the name, address, telephone number and position of the
person(s) who actually compiled the information contained in this report.
Matt Allen, Accounting Manager
One USi Plaza, Annapolis, Maryland 21401 (410) 897-3118
3. EMPLOYEE INFORMATION:
Number of employees paid this period: 538
Current number of employees: 539
Gross monthly payroll:
Officers, directors and principals: $162,917
Other employees: $3,814,087
All post-petition payroll obligations including payroll taxes are current.
Exceptions:____________________________________________________________
4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESSOR STATUS OF
OPERATIONS since the last reporting period? Yes| | No |X|. If yes,
explain: ______________________________________________________________
5. Are all BUSINESS LICENSES or BONDS current?
Yes |X| No | | Not Applicable | |
6. PRE-PETITION ACCOUNTS RECEIVABLE:
Collected this Period $9,296,208.36
Ending Balance $1,748,614.50
7. PRE-PETITION ACCOUNTS RECEIVABLE:
0-30 Days: $_______ 31-60 Days $_______ Over 60 Days $_______
NOTE: THE COMPANY UTILIZES AN ACCOUNTING SYSTEM THAT DO NOT EASILY PERMIT
MAKING A DEMARCATION BETWEEN PRE AND POST.
If there are any post-petition Accounts Receivable over 60days, provide
schedule AR giving a listing of such accounts and explain the
delinquencies.
NOTE: AS OF THE STATEMENT DATE, THERE ARE NO POST-PETITION ACCOUNTS
RECEIVABLE THAT ARE OVER THIRTY DAYS PAST THEIR DUE DATE.
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
8. POST-PETITION ACCOUNTS PAYABLE:
0-30 Days: $2,815,601.65 31-60 Days $_______ Over 60 Days $_______
If there are any post-petition Accounts Payable over 30 days, provide
Schedule AP giving a listing of such accounts and explain the
delinquencies.
NOTE: AS OF THE STATEMENT DATE, THERE ARE NO POST-PETITION ACCOUNTS
PAYABLE THAT ARE OVER THIRTY DAYS PAST THEIR DUE DATE.
9. TAXES. Are all taxes being paid to the proper taxing authorities when due?
Yes |X| No | |
If the attached IRS Form 6123 report all tax deposits made with any
financial institution for federal employment taxes during the reporting
period. Be sure the form is complete and signed by an authorized employee
of the receiving institution or taxing authority. Also attach copies of
the monthly sales tax statement AND real estate tax statement with
evidence of payment of these taxes.
NOTE: THE COMPANY UTILIZES AN OUTSIDE PAYROLL PROCESSING COMPANY,
CERIDIAN, FOR THE PROCESSING ITS BI-MONTHLY PAYROLL AS WELL AS THE FILING
OF ALL PAYROLLTAXES. THE PAYROLL TAXES ARE ESCROWEDWITH THE CERIDIAN TAX
SERVICE AND PAID ACCORDINGLY. CERIDIAN CONTINUES TO ESCROW PAYROLL TAXES
FOR THE DEBTORS. SUPPORTING DOCUMENTATION IS AVAILABLE SHOULD THE U.S.
TRUSTEE REQUIRE MORE INFORMATION.
10. BANK ACCOUNTS. Have you changed banks or any other financial institution
during this period? Yes| | No |X|. If yes, explain: ______________________
11. Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and
are all current? Yes|X| No | |. If No, explain:__________________________
12. INSURANCE. Policy expiration dates:
Auto and truck __________
Liability __________
Fire __________
Workers Comp __________
Other __________
NOTE: SEE ATTACHEMENT A
13. ACTIONS OF DEBTOR. During the last month, did the Debtor: (a) Fail to
defend or oppose any action seeking to dispossess the debtor from control
or custody of any asset of the estate? Yes | | No |X| If yes, explain:
____________________________________________
OR consent to relief from the automatic stay (362)? Yes | | No |X| If yes,
explain:___________________________________________________________
(b) Maintain such stock, inventory, raw material, preserve and maintain the
going concern value of the assets of the debtor?
Yes |X| No | | If no, explain: _______________________________
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
14. TRANSFER OR SALE OF PROPERTY. Did the Debtor or any person with control
over any of the Debtor's assets to another party during the period of this
report other than as set forth herein (including sales by creditors)?
Yes | | No |X| If yes, explain: _____________________________________
If yes, a copy of court order authorizing the referenced action must be
attached.
Please discuss any pending motions to sell estate assets:
Type of Motion Brief Description of Asset Projected Income
- ---------------------- -------------------------- ------------------
SALE OF FURNITURE OFFICE FURNITURE UNKNOWN
You may attach a copy of the notice of sale in lieu of completing the
description. Indicate if notice(s) attached. Yes: | |
15. PAYMENT TO SECURED CREDITORS during Reporting Period:
Frequency of Post-Petition
Payments per Amount of Each Pmts. Not made
Creditors Contract Payment Next Payment Due No. Amt.
- ---------------------------------------------------------------------------------------------
AT & T Monthly $276,752.24 April 15, 2002 0
Baltimore Gas Monthly $71,623.51 April 15, 2002 0
Berg & Berg Monthly $67,228.13 April 1, 2002 0
Hewlett Packard Monthly $160,457 April 15, 2002 0
HQ Global Monthly $2,544.50 April 1, 2002 0
Information Builders Monthly $113,056.86 April 1, 2002 0
Nationwide Monthly $79,351.54 April 1, 2002 0
Sullivan Limited Monthly $12,720 April 1, 2002 0
16. PAYMENTS TO PROFESSIONALS (Attorneys, Accountants, Real Estate Agents,
Auctioneers, ect.) during Reporting Period:
Professional Service Amount Paid
- ----------------------------------------------------------------------------------
Audit Associates Accounting $155.88
Brown Brother Harriman Attorneys $410,555.18
Cleary Gottlieb Steen &
Hamilton Attorneys $35,084.90
Logan & Company Attorneys $165,674.21
Whitaker Consulting Attorneys $28,122.23
Whiteford Taylor & Preston Attorneys $68356.58
Note: If payments were made to any professional during the reporting
period, a copy of the order authorizing payment must be attached.
17. QUARTERLY U.S. TRUSTEE FEES paid during Reporting Period:
Monthly Disbursements: Month 1 None
(calendar quarter) Month 2 None
Month 3 None
Total None
Fee Paid $ None
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
ATTACHMENT A
Insurance Carrier Policy Type Policy No. Policy Period
- -----------------------------------------------------------------------------------------------------------------------
American Manufacturers Mutual (Kemper) Commercial Package 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial Property 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial Inland Marine 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial General Liability 3MH80227700 12/15/01-12/15/02
Gulf Underwriters Professional Liability GU0448777 12/15/01-12/15/02
Lumbermens Mutual Casualty (Kemper) Commercial Automobile F3D03397400 12/15/01-12/15/02
Chubb Crime 81586146 12/15/01-12/15/02
Lumbermens Mutual Casualty (Kemper) Workers' Compensation 3BA13124000 12/15/01-12/15/02
Chubb Employment Practices Liability 81601626 7/1/01-7/1/02
Lumbermens Mutual Casualty (Kemper) Commercial Umbrella 3SX14025600 12/15/01-12/15/02
Chubb Fiduciary Liability 81561856 9/15/01-9/15/02
Hartford Special Risk Travel Accident ETB109509 12/15/01-12/15/02
Federal Insurance Company Ocean Cargo & Domestic Transit CM46064 4/1/01-4/1/02
Hartford Watercraft Physical Damage and 420MBA2681 8/7/01-8/7/02
Liability
Directors & Officers
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
VERIFICATION
I declare under penalty of perjury that the information contained in this
Monthly Operating Report (including schedules) is true and correct to the best
of my knowledge, information and belief.
Dated: 4/19/02 DEBTOR IN POSSESSION
Name/Title: /s/ William Washecka By : 4/19/02 CFO
Address: _______________________________________________________________________
Telephone: _____________________________________
REMINDER : Attach copies of debtor in possession bank statements.
UNITED STATES BANKRUPTCY COURT Form No. 10
FOR THE DISTRICT OF MARYLAND
OFFICE OF THE UNITED STATES TRUSTEE
IN RE: USinternetworking, Inc.
Case No. 02-5-0215-SD
Balance Sheet
as of March 31, 2002
ASSETS
CURRENT ASSETS
Cash 16,458,323.85
Restricted Cash 4,625,835.41
Marketable Securities --
Billed A/R 14,046,422.27
Unbilled A/R (need reclass w/ deferred) (7,318,820.92)
Allowance for doubtful accounts (1,819,675.15)
---------------
Trade Accounts Receivable 4,907,926.20
Other Short Term Receivables 27,282.53
Due from Subsidiaries 3,483,519.67
Prepaid Expenses 9,692,185.27
Inventory --
---------------
TOTAL CURRENT ASSETS 39,195,072.93
---------------
LONG TERM ASSETS
WIP 20,683,827.12
Prepaid Client Software Licenses 7,787,742.00
Property and Equipment - Cost 293,577,293.22
Property and Equipment - Land 3,097,250.00
Property and Equipment - Accum Depr (125,220,975.70)
---------------
Property and Equipment - Net 171,453,567.52
Goodwill 21,694,906.84
Investment in Subsidiaries --
Deposits 12,948,309.51
---------------
TOTAL LONG TERM ASSETS 234,568,352.99
---------------
---------------
TOTAL ASSETS $273,763,425.93
===============
LIABILITIES & Stockholders' Equity
CURRENT LIABILITIES
Accounts Payable 15,381,193.69
Accounts Payable - Postpetition 2,815,601.65
Accounts Payable - Prepetition 12,565,592.04
Salaries Payable 8,554,192.20
Due to Subsidiaries 107.82
Accrued Expenses 12,111,294.48
Accrued Expenses - Postpetition 858,315.03
Accrued Expenses - Prepetition 11,252,979.45
Current Portion of Captial Leases 157,737,171.62
Current Portion of Debt 11,497,151.97
Deferred Revenue --
---------------
TOTAL CURRENT LIABILITIES 205,281,111.78
---------------
LONG TERM LIABILITIES
Long Term Capital Leases 26,056,967.74
Long Term Debt 7,305,511.04
Long Term Subordinated Notes --
Dividends Payable --
---------------
TOTAL LONG TERM LIABILITIES 33,362,478.78
---------------
STOCKHOLDER'S EQUITY
Common Stock Subject to Repurchase --
Due From Stockholders (1,125,000.00)
---------------
Total CS Subject to Repurchase (1,125,000.00)
---------------
Series B Preferred Stock --
---------------
Common Stock 145,665.88
Series A Preferred Stock - Par --
Series A Preferred Stock - APIC --
Additional Paid In Capital 550,700,075.67
APIC - Dividends (3,831,153.78)
Unrealized gain/loss on mkt sec --
Unearned Compensation (4,687,783.08)
---------------
Sub total APIC (adj Series A) 542,181,138.81
Retained Earnings (483,749,769.38)
---------------
TOTAL STOCKHOLDERS' EQUITY 58,577,035.31
---------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $296,095,625.87
===============
Current Year Retained Earnings $ 22,332,199.95
===============
Form No. 6
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF MARYLAND
OFFICE OF THE UNITED STATES TRUSTEE
IN RE: USinternetworking, Inc.
Case No. 02-5-0215-SD
Income Statement
for the period
March 1 through March 31, 2002
Mar-02 YTD
ACTUAL ACTUAL
---------- -----------
iMAP Revenue 7,318,929 22,445,570
Professional Service Revenue 492,653 1,854,516
iMAP Sponsored Sites 0 0
Revenue Credits (33,197) (88,997)
---------- -----------
TOTAL REVENUE 7,778,385 24,211,090
---------- -----------
Direct Labor 2,735,220 8,280,236
Direct Bonus 515,305 481,757
Direct Benefits 326,910 1,683,444
Direct Travel 57,319 98,071
Direct Training 41,479 37,591
Direct Relocation & Recruiting 165 330
Direct Outside Consuliting 912,923 2,281,723
Direct Telecom - Customer 480,543 1,093,829
Direct Telecom - Backbone 549,582 635,143
Direct Hardware Maintenance 450,497 857,808
Direct Software Maintenance 103,341 1,052,067
Direct Repairs and Maintenance 1,500 5,770
Direct Rent and Leases 55,741 165,782
Direct Utilities 0 0
Other Direct costs 108,254 128,900
Direct Implementation Amortization 1,346,314 5,310,616
Direct Capitalization to Balance Sheet (494,649) (1,743,605)
Direct intra-dept reclassifications 0 0
Direct to Indirect reclassifications (747,654) (2,167,196)
---------- -----------
TOTAL DIRECT COSTS OF REVENUE 6,442,787 18,202,264
---------- -----------
GROSS MARGIN 1,335,598 6,008,825
---------- -----------
17.2% 24.8%
Indirect Labor 870,091 2,748,708
Indirect Commissions 223,871 355,504
Indirect Bonus 127,555 145,055
Indirect Benefits 213,672 593,479
Indirect Travel 28,046 82,534
Indirect Training 20,933 60,889
Indirect Relocation & Recruiting 508 806
Indirect Outside Consulting & Prof Svcs 332,530 1,516,566
Indirect Bad Debt Expense 300,000 500,000
Indirect Marketing / Advertising 208,285 372,308
Indirect Marketing Revenue Credits 0 0
Indirect Rent and Leases 222,530 545,367
Indirect Utilities 211,074 280,200
Indirect Hardware Maintenance 775 3,344
Indirect Software Maintenance 66,165 170,694
Indirect Repairs and Maintenance 0 90
Indirect Telecom Expense 190,071 475,920
Indirect Gains and Losses 0 471
Other Indirect Costs 499,190 1,101,298
Indirect Capitalization to Balance Sheet (5,059) (36,571)
Indirect R&D reclassification 0 0
Indirect from Direct reclassification 747,654 2,167,196
---------- -----------
TOTAL INDIRECT COSTS 4,257,893 11,083,860
---------- -----------
INDIRECT STOCK BASED COMPENSATION 597,917 2,059,973
---------- -----------
Depreciation 4,896,347 14,840,733
Goodwill Amortization 0 0
---------- -----------
TOTAL DEPRECIATION & AMORTIZATION 4,896,347 14,840,733
---------- -----------
Interest Expense (154,011) (462,233)
Interest Income 49,566 105,581
---------- -----------
NET INTEREST (104,445) (356,652)
---------- -----------
TAXES 0 0
---------- -----------
NET INCOME (LOSS) (8,521,004) (22,332,392)
========== ===========
EBITDA (1,575,981) 235,581
========== ===========
ACCOUNT DESCRIPTION 2002-0 2002-1 2002-2 2002-3
100100 Petty Cash - Annapolis 100.00 -- -- --
100600 Cash Operating Account NB 2,110,226.00 (1,941,221.00) (618,755.00) 449,750.00
100610 Cash Oprtng Acct - Wells Farg 1,971,423.00 (1,971,423.00) -- --
100620 Cash Exp Account - Bank of Ame 534.00 (534.00) 1,293.00 (1,293.00)
100710 Cash PR Acct - Wells Farg (9,670.00) 9,670.00 -- --
100720 Cash Exp Acct - Wells Fargo 31,029.00 (31,029.00) 6,524.00 (6,524.00)
100730 Cash AR Acct - Wells Fargo (4,278.00) 4,278.00 -- --
100740 Cash Inv Acct - Wells Fargo 922.00 (922.00) -- --
100810 Cash- Allfirst Operating Acct -- 3,591,637.00 (2,007,485.00) 1,406,721.00
100820 Cash- Allfirst Payroll Acct -- (94,194.00) 59,198.00 72,850.00
100830 Cash- Allfirst Expense Acct -- (45,322.00) 27,044.00 23,739.00
100840 Cash- Allfirst Investment Acct 7,345,010.00 5,310,000.00 2,315,367.00 39,655.00
100850 Cash- Allfirst Control DisAcct -- -- (953,467.00) (632,582.00)
100900 Cash- NDB Option Account 145,915.00 (148,107.00) 2,220.00 --
101300 Paine Webber Cash Account 24.00 -- -- --
ACCOUNT DESCRIPTION GL CASH FLOW DIFFERENCE
100100 Petty Cash - Annapolis 100.00 100.00 --
100600 Cash Operating Account NB -- -- --
100610 Cash Oprtng Acct - Wells Farg -- -- --
100620 Cash Exp Account - Bank of Ame -- -- --
100710 Cash PR Acct - Wells Farg -- -- --
100720 Cash Exp Acct - Wells Fargo -- -- --
100730 Cash AR Acct - Wells Fargo -- -- --
100740 Cash Inv Acct - Wells Fargo -- -- --
100810 Cash- Allfirst Operating Acct 2,990,873.00 1,432,624.09 (1,558,248.91)
100820 Cash- Allfirst Payroll Acct 37,854.00 42,237.34 4,383.34
100830 Cash- Allfirst Expense Acct 5,461.00 40,092.84 34,631.84
100840 Cash- Allfirst Investment Acct 15,010,032.00 14,987,816.56 (22,215.44)
100850 Cash- Allfirst Control DisAcct (1,586,049.00) -- 1,586,049.00
100900 Cash- NDB Option Account 28.00 28.00 --
101300 Paine Webber Cash Account 24.00 24.00 --
-------------------------------------------------
$16,458,323 $16,502,922.83 $ 44,599.83
-------------------------------------------------
GL BALANCE CASH FLOW DIFFERENCE
NET DIFFERENCE FOR ALLFIRST OPS/CD ACCOUNTS $27,800.09
Cash Flow number 16,502,922.83
LLC's 422,855.00
--------------
$16,925,777.83
==============
USI Confidential 4/25/2002 Page 1
UNITED STATES BANKRUPTCY COURT Form No. 12
FOR THE DISTRICT OF MARYLAND
OFFICE OF THE UNITED STATES TRUSTEE
IN RE: USinternetworking, Inc.
Case No. 02-5-0215-SD
Cash Disbursements Summary Report
for the period of
March 1 through March 30, 2002
Allfirst Allfirst Payroll Allfirst Expenses Total
------------- ---------------- ----------------- -------------
Beg Balance 1,121,038.51 108,306.56 43,367.84 1,272,712.91
Receipts 2,753,333.34 2,753,333.34
Interest Income --
Other Inflows 415,313.66 415,313.66
Trans from Payroll --
Trans from Expense --
Trans from Allfirst Invest --
Trans from Allfirst Operating 13,000.00 13,000.00
Expenses (7,590.38) (7,590.38)
Payroll (25,147.05) (25,147.05)
401K (135,683.03) (135,683.03)
AP Checks cleared (757,661.96) (757,661.96)
Wires (258,225.85) (258,225.85)
Loan Pmts --
Phoenix --
Huber Oros --
CareFirst (82,070.89) (82,070.89)
Trans to Operating --
Trans to Payroll --
Trans to Expense (13,000.00) (13,000.00)
Trans to Allfirst --
Trans to Allfirst Invest --
Other Outflows (51,000.00) (51,000.00)
------------- ------------- ------------- -------------
End Bank Balance 2,992,043.78 83,159.51 48,777.46 3,123,980.75
------------- ------------- ------------- -------------
Outstanding Checks
Operating (1,559,419.69) (1,559,419.69)
Payroll (40,922.17) (40,922.17)
Expense (8,684.62) (8,684.62)
------------- ------------- ------------- -------------
End Book Balance 1,432,624.09 42,237.34 40,092.84 1,514,954.27
------------- ------------- ------------- -------------
Misc Accounts 124.00
Allfirst Investment 14,987,816.56
LLC's 422,855.00
-------------
15,410,795.56
-------------
-------------
Total 16,925,749.83
=============
USINTERNETWORKING, INC.
WEEKLY CASH FLOW ANALYSIS - 2002
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
16-JAN 17-JAN 18-JAN 22-JAN 23-JAN 24-JAN
--------- --------- ---------- ---------- ---------- -----------
Beginning Bank Balance -- -- (1,841.28) 147,060.19 147,060.19 1,454,034.05
CASH INFLOWS
Transfer from Operating Account 148,901.47 1,355,065.98
Bank Interest Income
CASH OUTFLOWS
Payroll Checks Cleared (1,841.28) (48,092.12) (350,126.92)
Payroll Taxes (862,483.84)
ENDING BANK BALANCE -- (1,841.28) 147,060.19 147,060.19 1,454,034.05 241,423.29
========= ========= ========== ========== ============ ============
Less: Outstanding payroll checks (8,483.28) (6,642.00) (6,642.00) (6,642.00) (1,313,615.86) (997,666.57)
ENDING BOOK BALANCE (8,483.28) (8,483.28) 140,418.19 140,418.19 140,418.19 (756,243.28)
========= ========= ========== ========== ============ ============
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
25-JAN 28-JAN 29-JAN 30-JAN 31-JAN
----------- ----------- ----------- ----------- -----------
Beginning Bank Balance 241,423.29 642,284.54 342,985.92 199,294.34 116,702.61
CASH INFLOWS
Transfer from Operating Account 862,498.14
Bank Interest Income
CASH OUTFLOWS
Payroll Checks Cleared (330,882.67) (299,298.62) (143,691.58) (82,591.73) (36,129.20)
Payroll Taxes (130,754.22)
ENDING BANK BALANCE 642,284.54 342,985.92 199,294.34 116,702.61 80,573.41
=========== =========== =========== =========== ===========
Less: Outstanding payroll checks (666,784.20) (367,117.19) (226,657.08) (144,065.35) (127,893.70)
ENDING BOOK BALANCE (24,499.66) (24,131.27) (27,362.74) (27,362.74) (47,320.29)
=========== =========== =========== =========== ===========
USINTERNETWORKING, INC.
WEEKLY CASH FLOW ANALYSIS - 2002
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
1-FEB 4-FEB 5-FEB 6-FEB 7-FEB 8-FEB
----------- ---------- ---------- ------------- ------------- -----------
Beginning Bank Balance 80,573.41 55,607.94 95,608.86 80,597.33 74,580.59 1,266,043.26
CASH INFLOWS
Transfer from Operating Account 59,401.21 1,269,251.20 744,722.04
Bank Interest Income
CASH OUTFLOWS
Payroll Checks Cleared (24,965.47) (19,400.29) (15,011.53) (6,016.74) (77,788.53) (213,796.12)
Payroll Taxes (744,705.14)
ENDING BANK BALANCE 55,607.94 95,608.86 80,597.33 74,580.59 1,266,043.26 1,052,264.04
=========== ========== ========== ============= ============= ============
Less: Outstanding payroll checks (102,928.23) (85,744.55) (70,733.02) (1,286,853.45) (1,209,064.92) (995,268.40)
ENDING BOOK BALANCE (47,320.29) 9,864.31 9,864.31 (1,212,272.86) 56,978.34 56,995.64
=========== ========== ========== ============= ============= ============
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
11-FEB 12-FEB 13-FEB 14-FEB 15-FEB
----------- ----------- ----------- ----------- ----------
Beginning Bank Balance 1,052,264.04 606,605.86 347,211.31 224,886.25 180,186.50
CASH INFLOWS
Transfer from Operating Account
Bank Interest Income
CASH OUTFLOWS
Payroll Checks Cleared (445,658.18) (259,394.55) (122,325.06) (44,699.75) (28,096.64)
Payroll Taxes
ENDING BANK BALANCE 606,605.86 347,211.31 224,886.25 180,186.50 152,089.86
=========== =========== =========== =========== ==========
Less: Outstanding payroll checks (549,610.22) (290,215.67) (167,890.61) (125,288.63) (97,191.99)
ENDING BOOK BALANCE 56,995.64 56,995.64 56,995.64 54,897.87 54,897.87
=========== =========== =========== =========== ==========
USINTERNETWORKING, INC.
WEEKLY CASH FLOW ANALYSIS - 2002
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
19-FEB 20-FEB 21-FEB 22-FEB 25-FEB 26-FEB
---------- ------------- ------------- ------------ ------------ -----------
Beginning Bank Balance 152,089.86 133,839.08 113,076.37 1,930,098.23 908,650.95 431,902.59
CASH INFLOWS
Transfer from Operating Account 1,886,923.63
Bank Interest Income
CASH OUTFLOWS
Payroll Checks Cleared (18,250.78) (20,762.71) (69,901.77) (260,862.15) (476,748.36) (228,523.91)
Payroll Taxes (760,585.13)
ENDING BANK BALANCE 133,839.08 113,076.37 1,930,098.23 908,650.95 431,902.59 203,378.68
========== ============= ============= ============ ============ ===========
Less: Outstanding payroll checks (78,941.21) (1,316,471.17) (1,246,569.40) (985,707.25) (508,958.89) (280,384.98)
ENDING BOOK BALANCE 54,897.87 (1,203,394.80) 683,528.83 (77,056.30) (77,056.30) (77,006.30)
========== ============= ============= ============ ============ ===========
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
27-FEB 28-FEB 1-MAR 4-MAR 5-MAR
----------- ----------- ----------- ---------- ----------
Beginning Bank Balance 203,378.68 120,747.68 152,816.03 113,329.69 90,245.24
CASH INFLOWS
Transfer from Operating Account 77,000.00
Bank Interest Income 458.52
CASH OUTFLOWS
Payroll Checks Cleared (82,631.00) (44,931.65) (39,944.86) (23,084.45) (9,052.82)
Payroll Taxes
ENDING BANK BALANCE 120,747.68 152,816.03 113,329.69 90,245.24 81,192.42
=========== =========== =========== ========== ==========
Less: Outstanding payroll checks (200,157.56) (155,225.91) (115,281.05) (92,196.60) (96,079.04)
ENDING BOOK BALANCE (79,409.88) (2,409.88) (1,951.36) (1,951.36) (14,886.62)
=========== =========== =========== ========== ==========
USINTERNETWORKING, INC.
WEEKLY CASH FLOW ANALYSIS - 2002
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
6-MAR 7-MAR 8-MAR 11-MAR 12-MAR 13-MAR
------------- ------------- ------------- ----------- ----------- -----------
Beginning Bank Balance 81,192.42 65,889.79 1,498,708.35 999,405.80 531,275.81 270,717.70
CASH INFLOWS
Transfer from Operating Account 1,500,000.00 500,000.00
Bank Interest Income
CASH OUTFLOWS
Payroll Checks Cleared (15,302.63) (67,181.44) (999,302.55) (468,129.99) (260,558.11) (137,007.04)
Payroll Taxes
ENDING BANK BALANCE 65,889.79 1,498,708.35 999,405.80 531,275.81 270,717.70 133,710.66
============= ============= ============= =========== =========== ===========
Less: Outstanding payroll checks (1,313,788.81) (1,261,910.00) (1,016,604.88) (560,473.61) (299,915.50) (167,359.34)
ENDING BOOK BALANCE (1,247,899.02) 236,798.35 (17,199.08) (29,197.80) (29,197.80) (33,648.68)
============= ============= ============= =========== =========== ===========
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
14-MAR 15-MAR 18-MAR 19-MAR 20-MAR
----------- ----------- ---------- ---------- ----------
Beginning Bank Balance 133,710.66 93,171.70 71,744.18 41,222.20 2,024,495.83
CASH INFLOWS
Transfer from Operating Account 2,000,000.00
Bank Interest Income
CASH OUTFLOWS
Payroll Checks Cleared (40,538.96) (21,427.52) (30,521.98) (16,726.37) (1,294,090.27)
Payroll Taxes
ENDING BANK BALANCE 93,171.70 71,744.18 41,222.20 2,024,495.83 730,405.56
=========== =========== ========== ============ =============
Less: Outstanding payroll checks (126,820.38) (106,971.61) (76,449.63) (59,723.26) (77,537.95)
ENDING BOOK BALANCE (33,648.68) (35,227.43) (35,227.43) 1,964,772.57 652,867.61
=========== =========== ========== ============ =============
USINTERNETWORKING, INC.
WEEKLY CASH FLOW ANALYSIS - 2002
ACTUAL ACTUAL ACTUAL ACTUAL
21-MAR 22-MAR 25-MAR 26-MAR
---------- ---------- ---------- ----------
Beginning Bank Balance 730,405.56 729,017.18 108,306.56 91,474.02
CASH INFLOWS
Transfer from Operating Account 200,000.00
Bank Interest Income
CASH OUTFLOWS
Payroll Checks Cleared (1,388.38) (820,710.62) (16,832.54) (4,360.42)
Payroll Taxes
ENDING BANK BALANCE 729,017.18 108,306.56 91,474.02 87,113.60
========== =========== ========== ==========
Less: Outstanding payroll checks (76,149.57) (66,069.22) (49,236.68) (44,876.26)
ENDING BOOK BALANCE 652,867.61 42,237.34 42,237.34 42,237.34
========== =========== ========== ==========
ACTUAL ACTUAL ACTUAL
27-MAR 28-MAR 29-MAR
---------- ---------- ----------
Beginning Bank Balance 87,113.60 87,113.60 87,113.60
CASH INFLOWS
Transfer from Operating Account
Bank Interest Income
CASH OUTFLOWS
Payroll Checks Cleared (3,954.09)
Payroll Taxes
ENDING BANK BALANCE 87,113.60 87,113.60 83,159.51
========== ========== ==========
Less: Outstanding payroll checks (44,876.26) (44,876.26) (40,922.17)
ENDING BOOK BALANCE 42,237.34 42,237.34 42,237.34
========== ========== ==========
USINTERNETWORKING, INC.
Weekly Cash Flow Analysis - 2002
ACTUAL ACTUAL ACTUAL ACTUAL
20-MAR 21-MAR 22-MAR 25-MAR
--------- --------- --------- ---------
Beginning Bank Balance 70,032.36 68,301.93 68,191.73 43,367.84
CASH INFLOWS
Transfer from Operating Account
Bank Interest Income
CASH OUTFLOWS
Expense Checks Cleared (1,730.43) (110.20) (24,823.89) (567.68)
ENDING BANK BALANCE 68,301.93 68,191.73 43,367.84 42,800.16
========= ========= ========== ==========
Less: Outstanding expense checks (9,743.01) (9,632.81) (16,263.00) (15,707.32)
ENDING BOOK BALANCE 58,558.92 58,558.92 27,104.84 27,092.84
========= ========= ========== ==========
ACTUAL ACTUAL ACTUAL ACTUAL
26-MAR 27-MAR 28-MAR 29-MAR
--------- --------- --------- ---------
Beginning Bank Balance 42,800.16 39,573.50 52,406.34 50,729.17
CASH INFLOWS
Transfer from Operating Account 13,000.00
Bank Interest Income
CASH OUTFLOWS
Expense Checks Cleared (3,226.66) (167.16) (1,677.17) (1,951.71)
ENDING BANK BALANCE 39,573.50 52,406.34 50,729.17 48,777.46
========== ========== ========== ==========
Less: Outstanding expense checks (12,480.66) (12,313.50) (10,636.33) (8,684.62)
ENDING BOOK BALANCE 27,092.84 40,092.84 40,092.84 40,092.84
========== ========== ========== ==========
USINTERNETWORKING, INC.
WEEKLY CASH FLOW ANALYSIS - 2002
CONSOLIDATED
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
2-Jan 3-Jan 4-Jan 7-Jan 8-Jan
------------- ------------- ------------- ------------- -------------
BEGINNING BANK BALANCE 2,784,215.11 3,052,543.28 253,882.02 48,995.50 518,267.53
CASH INFLOWS
Transfer from Investment accounts
Transfer from Expense Account 35,233.52
Transfer from Payroll account 197,474.44 9.00
Capital Funding
Equipment Financing
High Yield Bond
Stock Options & Warrant Funds
ACR operating receipts (631508)
Conklin operating receipts (631751) IIT
operating receipts (550617)
USi operating receipts (631528) 44,000.00 469,272.03
Riva Canyon LLC receipts
Shore Services LLC receipts
GEMC Properties LLC receipts
Admiral Management LLC receipts
Other USi AR receipts
Disposal of Assets
Bank Interest income 2,199.82 814.98
Subsidiary incoming money transfer
Rents from sub-lease
(Michael Baker, Jr. Inc.)
Other receipts (Miscellaneous Items)
Matured CD
Cashiers checks redeposited/ not used
Other Receivable - Household Bank MC
CASH OUTFLOWS
Payroll
Expenses
401(k)
ACR operating payments
IIT payments
Conklin operating payments
Other subsidiary payments
FSA- Huber Oros/SFA
Phoenix payment
Severance payments
SEC Filing fee
Interest payment
Dividends Payments
Subsidiary payment for Conklin
Riva Canyon LLC payments
Shore Services LLC payments
GEMC Properties LLC payments
Admiral Management Co. LLC payments
EnableVision Acquisition
Commitment fees
Loan Payments
A/P checks cleared (10,000.02) (7,491.50)
A/P Wires
Liberty Property (P/S Wire )
Nationwide Bldg.
Lease payments
Transfer to Investment accounts (2,760,000.00)
Transfer to Payroll Account
Transfer to Payroll Expense Account (235.81)
Transfer to Wells Fargo Account (198,210.00)
Transfer to Allfirst Operating Account
CareFirst BC/BS
MD Sales & Use Tax pymt
Restricted Cash
Other (579.59) (38,434.45)
ENDING BANK BALANCE 3,052,543.28 253,882.02 48,995.50 518,267.53 518,267.53
============= ============= ============= ============= =============
Less: Outstanding A/P checks (706,546.05) (706,546.05) (586,537.66) (545,821.99) (545,821.99)
Add: Checks Held and OS to be voided
Less: Outstanding payroll checks
Less: Outstanding expense checks
Add: Restricted Cash Released-Church, Excess
Add: Deposits in Transit
ENDING BOOK BALANCE 2,345,997.23 (452,664.03) (537,542.16) (27,554.46) (27,554.46)
============= ============= ============= ============= =============
Paine Webber Investment Account -- -- -- -- --
B. T. Alex Brown Investment Account -- -- -- -- --
Salomon Smith Barney Investment Account -- -- -- -- --
NationsFunds -- -- -- -- --
Merrill Lynch -- -- -- -- --
CE Unterberg,Towbin -- -- -- -- --
DL&J Securities -- -- -- -- --
National Discount Brokers 141,113.00 141,113.00 141,113.00 141,113.00 141,113.00
Wells Capital Management 3,732.89 3,732.89 -- -- --
Allfirst Investment 7,338,943.85 10,098,943.85 9,648,943.85 9,648,943.85 9,648,943.85
------------- ------------- ------------- ------------- -------------
TOTAL INVESTMENT ACCOUNTS 7,483,789.74 10,243,789.74 9,790,056.85 9,790,056.85 9,790,056.85
============= ============= ============= ============= =============
9,829,786.97 9,791,125.71 9,252,514.69 9,762,502.39 9,762,502.39
Miscellaneous Accounts (petty cash, etc.) 124.00 124.00 124.00 124.00 124.00
Payroll Acct. Book Balance (197,465.44) (197,474.44) (197,474.44) 0.00 0.00
Expense Acct. Book Balance (31,720.61) (31,484.80) (31,484.80) (0.00) (0.00)
Allfirst Book Balance - (3,182.20) 28,704.73 134,482.41
Wells Fargo Book Balance 775,393.35 859,757.50 1,587,899.91 117,363.46 117,363.46
Foothill Lockbox Bank Balance -- -- -- --
------------- ------------- ------------- ------------- -------------
USi GL Cash Balance 10,376,118.27 10,422,047.97 10,608,397.16 9,908,694.58 10,014,472.26
------------- ------------- ------------- ------------- -------------
LLC Balances 441,770.00 441,770.00 441,770.00 441,770.00 441,770.00
------------- ------------- ------------- ------------- -------------
TOTAL CONSOLIDATED CASH BALANCE 10,817,888.27 10,863,817.97 11,050,167.16 10,350,464.58 10,456,242.26
============= ============= ============= ============= =============
ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
9-Jan 10-Jan 11-Jan 14-Jan 15-Jan
------------- ------------- ------------- ------------- -------------
BEGINNING BANK BALANCE 518,267.53 518,267.53 518,267.53 518,267.53 517,734.18
CASH INFLOWS
Transfer from Investment accounts
Transfer from Expense Account
Transfer from Payroll account
Capital Funding
Equipment Financing
High Yield Bond
Stock Options & Warrant Funds
ACR operating receipts (631508)
Conklin operating receipts (631751) IIT
operating receipts (550617)
USi operating receipts (631528)
Riva Canyon LLC receipts
Shore Services LLC receipts
GEMC Properties LLC receipts
Admiral Management LLC receipts
Other USi AR receipts
Disposal of Assets
Bank Interest income
Subsidiary incoming money transfer
Rents from sub-lease
(Michael Baker, Jr. Inc.)
Other receipts (Miscellaneous Items)
Matured CD
Cashiers checks redeposited/ not used
Other Receivable - Household Bank MC
CASH OUTFLOWS
Payroll
Expenses
401(k)
ACR operating payments
IIT payments
Conklin operating payments
Other subsidiary payments
FSA- Huber Oros/SFA
Phoenix payment
Severance payments
SEC Filing fee
Interest payment
Dividends Payments
Subsidiary payment for Conklin
Riva Canyon LLC payments
Shore Services LLC payments
GEMC Properties LLC payments
Admiral Management Co. LLC payments
EnableVision Acquisition
Commitment fees
Loan Payments
A/P checks cleared
A/P Wires
Liberty Property (P/S Wire )
Nationwide Bldg.
Lease payments
Transfer to Investment accounts
Transfer to Payroll Account
Transfer to Payroll Expense Account
Transfer to Wells Fargo Account
Transfer to Allfirst Operating Account (517,244.71)
CareFirst BC/BS
MD Sales & Use Tax pymt
Restricted Cash
Other (533.35) (489.47)
ENDING BANK BALANCE 518,267.53 518,267.53 518,267.53 517,734.18 (0.00)
============= ============= ============= ============= =============
Less: Outstanding A/P checks (545,821.99) (545,821.99) -- -- --
Add: Checks Held and OS to be voided
Less: Outstanding payroll checks
Less: Outstanding expense checks
Add: Restricted Cash Released-Church, Excess
Add: Deposits in Transit
ENDING BOOK BALANCE (27,554.46) (27,554.46) 518,267.53 517,734.18 (0.00)
============= ============= ============= ============= =============
Paine Webber Investment Account -- -- -- -- --
B. T. Alex Brown Investment Account -- -- -- -- --
Salomon Smith Barney Investment Account -- -- -- -- --
NationsFunds -- -- -- -- --
Merrill Lynch -- -- -- -- --
CE Unterberg,Towbin -- -- -- -- --
DL&J Securities -- -- -- -- --
National Discount Brokers 141,113.00 141,113.00 141,113.00 141,113.00 -
Wells Capital Management -- -- -- -- --
Allfirst Investment 9,648,943.85 9,648,943.85 9,648,943.85 9,648,943.85 9,648,943.85
------------- ------------- ------------- ------------- -------------
TOTAL INVESTMENT ACCOUNTS 9,790,056.85 9,790,056.85 9,790,056.85 9,790,056.85 9,648,943.85
============= ============= ============= ============= =============
9,762,502.39 9,762,502.39 10,308,324.38 10,307,791.03 9,648,943.85
Miscellaneous Accounts (petty cash, etc.) 124.00 124.00 124.00 124.00 124.00
Payroll Acct. Book Balance 0.00 0.00 0.00 0.00 0.00
Expense Acct. Book Balance (0.00) (0.00) (0.00) (0.00) (0.00)
Allfirst Book Balance 125,057.71 125,057.71 692,297.25 870,638.80 1,932,233.12
Wells Fargo Book Balance 397,656.22 396,242.85 396,242.85 396,242.85 --
Foothill Lockbox Bank Balance
------------- ------------- ------------- ------------- -------------
USi GL Cash Balance 10,285,340.32 10,283,926.95 11,396,988.48 11,574,796.68 11,581,300.97
------------- ------------- ------------- ------------- -------------
LLC Balances 441,770.00 441,770.00 441,770.00 441,770.00 441,770.00
------------- ------------- ------------- ------------- -------------
TOTAL CONSOLIDATED CASH BALANCE 10,727,110.32 10,725,696.95 11,838,758.48 12,016,566.68 12,023,070.97
============= ============= ============= ============= =============
USINTERNETWORKING, INC.
WEEKLY CASH FLOW ANALYSIS - 2002
BANK OF AMERICA - PAYROLL ACCOUNT
ACTUAL ACTUAL ACTUAL ACTUAL
2-JAN 3-JAN 4-JAN 7-JAN
---------- ---------- ---------- ----------
BEGINNING BANK BALANCE 197,483.44 9.00 0.00 0.00
CASH INFLOWS:
Transfer from Operating Account
Transfer from Expense Account
CASH OUTFLOWS:
Payroll Checks Cleared
Transfer to Operating Account (197,474.44) (9.00)
Transfer to Payroll Account
----------- ----------- ----------- ----------
ENDING BANK BALANCE 9.00 0.00 0.00 0.00
----------- ----------- ----------- ----------
Less: Outstanding Checks (197,474.44) (197,474.44) (197,474.44) --
----------- ----------- ----------- ----------
ENDING BOOK BALANCE (197,465.44) (197,474.44) (197,474.44) 0.00
=========== =========== =========== ==========
USINTERNETWORKING, INC.
WEEKLY CASH FLOW ANALYSIS - 2002
BANK OF AMERICA - PAYROLL EXPENSE ACCOUNT
ACTUAL ACTUAL ACTUAL ACTUAL
2-JAN 3-JAN 4-JAN 7-JAN
---------- ---------- ---------- ---------
BEGINNING BANK BALANCE 34,997.71 (235.81) (0.00) (0.00)
CASH INFLOWS:
Transfer from Operating Account (35,233.52) 235.81
Transfer from Payroll Account
CASH OUTFLOWS:
Expense Checks Cleared
Direct Deposits
Fees
Transfer to Operating Account
Transfer to Payroll Account
---------- ---------- ---------- ---------
ENDING BANK BALANCE (235.81) (0.00) (0.00) (0.00)
---------- ---------- ---------- ---------
Less: Outstanding Checks (31,484.80) (31,484.80) (31,484.80) --
---------- ---------- ---------- ---------
ENDING BOOK BALANCE (31,720.61) (31,484.80) (31,484.80) (0.00)
========== ========== ========== =========
USINTERNETWORKING, INC.
WEEKLY CASH FLOW ANALYSIS - 2002
WELLS FARGO ACCOUNTS
ACTUAL ACTUAL ACTUAL ACTUAL
2-JAN 3-JAN 4-JAN 7-JAN
------------ ------------ ------------ ------------
BEGINNING BANK BALANCE 2,386,704.22 1,523,472.78 1,589,406.61 1,849,197.10
CASH INFLOWS
Transfer from Wells Investment Accounts 22,081.98
Transfer from Bank of America Account 198,210.00
USi operating receipts (7422)-Trans fm Foothill 16,000.00
Lockbox receipts (7422) 48,243.00 40,500.00 61,580.49
Riva Canyon LLC receipts
Shore Services LLC receipts
GEMC Properties LLC receipts
Admiral Management LLC receipts
Other USi AR receipts
Disposal of Assets
Bank Interest income 639.16
Subsidiary incoming money transfer
Other receipts (Miscellaneous Items) 94,974.20
Matured CD
CASH OUTFLOWS
Payroll 2,673.16
Expenses (1,208.68) (2,523.75)
401(k)
ACR operating payments
IIT payments
Conklin operating payments
Other subsidiary payments
FSA- Huber Oros/SFA
Phoenix payment (10,786.11)
Severance payments
SEC Filing fee
Interest payment
Riva Canyon LLC payments
Shore Services LLC payments
GEMC Properties LLC payments
Admiral Management Co. LLC payments
Loan Payments
A/P checks cleared (29,262.80) (15,906.57)
A/P Wires (827,423.06) (1,515,183.88)
Liberty Property (P/S Wire ) (94,974.20)
Nationwide Bldg.
Lease payments
Transfer to Investment accounts
Transfer to Allfirst account
CareFirst BC/BS (36,823.94)
MD Sales & Use Tax pymt
Restricted Cash
Other (3,500.00)
ENDING BANK BALANCE 1,523,472.78 1,589,406.61 1,849,197.10 334,013.22
============ ============ ============ ============
Less: Outstanding A/P checks (700,908.25) (685,001.68) (216,649.76) (216,649.76)
Less: Outstanding payroll checks (30,240.85) (30,240.85) (30,240.85) --
Less: Outstanding expense checks (16,930.33) (14,406.58) (14,406.58) --
ENDING BOOK BALANCE 775,393.35 859,757.50 1,587,899.91 117,363.46
============ ============ ============ ============
ACTUAL ACTUAL ACTUAL ACTUAL
9-JAN 10-JAN 11-JAN 15-JAN
---------- ---------- ---------- ----------
BEGINNING BANK BALANCE 334,013.22 397,656.22 396,242.85 396,242.85
CASH INFLOWS
Transfer from Wells Investment Accounts
Transfer from Bank of America Account
USi operating receipts (7422)-Trans fm Foothill
Lockbox receipts (7422) 63,643.00
Riva Canyon LLC receipts
Shore Services LLC receipts
GEMC Properties LLC receipts
Admiral Management LLC receipts
Other USi AR receipts
Disposal of Assets
Bank Interest income
Subsidiary incoming money transfer
Other receipts (Miscellaneous Items)
Matured CD
CASH OUTFLOWS
Payroll
Expenses
401(k)
ACR operating payments
IIT payments
Conklin operating payments
Other subsidiary payments
FSA- Huber Oros/SFA
Phoenix payment
Severance payments
SEC Filing fee
Interest payment
Riva Canyon LLC payments
Shore Services LLC payments
GEMC Properties LLC payments
Admiral Management Co. LLC payments
Loan Payments
A/P checks cleared
A/P Wires
Liberty Property (P/S Wire )
Nationwide Bldg.
Lease payments
Transfer to Investment accounts
Transfer to Allfirst account (396,242.85)
CareFirst BC/BS
MD Sales & Use Tax pymt
Restricted Cash
Other (1,413.37)
ENDING BANK BALANCE 397,656.22 396,242.85 396,242.85 --
========== ========== ========== ==========
Less: Outstanding A/P checks --
Less: Outstanding payroll checks
Less: Outstanding expense checks
ENDING BOOK BALANCE 397,656.22 396,242.85 396,242.85 --
========== ========== ========== ==========
USINTERNETWORKING, INC.
WEEKLY CASH FLOW ANALYSIS - 2002
FOOTHILL LOCKBOX
ACTUAL
2-JAN
----------
BEGINNING BANK BALANCE --
CASH INFLOWS
USi operating receipts (7822) 16,000.00
CASH OUTFLOWS
Transfer to Wells Fargo Operating Account (16,000.00)
ENDING BANK BALANCE --
==========
UNITED STATES BANKRUPTCY COURT Form No. 5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
IN RE: SHORE SERVICES, LLC CHAPTER 11
Case No. 02-5-0219-SD
Debtor(s)
MONTHLY OPERTAING REPORT Calendar Month March 1 through March 31, 2002
FINANCIAL BACKGROUND INFORMATION
1. ACCOUNTING BASIS: Cash Accrual |X|
2. PREPARER: State the name, address, telephone number and position of the
person(s) who actually compiled the information contained in this report.
Matt Allen, Accounting Manager
One USi Plaza, Annapolis, Maryland 21401 (410) 897-3118
3. EMPLOYEE INFORMATION:
Number of employees paid this period: N/A
Current number of employees: N/A
Gross monthly payroll:
Officers, directors and principals: N/A
Other employees: N/A
All post-petition payroll obligations including payroll taxes are current.
Exceptions:________________________________
NOTE: THE COMPANY HAS NO EMPLOYEES.
4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESSOR STATUS OF
OPERATIONS since the last reporting period? Yes | | No |X|. If
yes, explain:_____________________________________________________________
5. Are all BUSINESS LICENSES or BONDS current?
Yes |X| No | | Not Applicable __________
6. PRE-PETITION ACCOUNTS RECEIVABLE:
Collected this Period __________
Ending Balance __________
UNITED STATES BANKRUPTCY COURT Form No. 5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
7. PRE-PETITION ACCOUNTS RECEIVABLE:
0-30 Days: $____________ 31-60 Days $____________ Over 60 Days $_______
NOTE: THE COMPANY UTILIZES AN ACCOUNTING SYSTEM THAT DO NOT EASILY PERMIT
MAKING A DEMARCATION BETWEEN PRE AND POST.
If there are any post-petition Accounts Receivable over 60days, provide
schedule AR giving a listing of such accounts and explain the
delinquencies.
NOTE: AS OF THE STATEMENT DATE, THERE ARE NO POST-PETITION ACCOUNTS
RECEIVABLE THAT ARE OVER THIRTY DAYS PAST THEIR DUE DATE.
8. POST-PETITION ACCOUNTS PAYABLE:
0-30 Days: $___________ 31-60 Days $____________ Over 60 Days $__________
If there are any post-petition Accounts Payable over 30 days, provide
Schedule AP giving a listing of such accounts and explain the
delinquencies.
NOTE: AS OF THE STATEMENT DATE, THERE ARE NO POST-PETITION ACCOUNTS
PAYABLE THAT ARE OVER THIRTY DAYS PAST THEIR DUE DATE.
9. TAXES. Are all taxes being paid to the proper taxing authorities when due?
Yes |X| No | |
If the attached IRS Form 6123 report all tax deposits made with any
financial institution for federal employment taxes during the reporting
period. Be sure the form is complete and signed by an authorized employee
of the receiving institution or taxing authority. Also attach copies of
the monthly sales tax statement AND real estate tax statement with
evidence of payment of these taxes.
NOTE: THE COMPANY HAS NO EMPLOYEES.
10. BANK ACCOUNTS. Have you changed banks or any other financial institution
during this period? Yes | | No |X| If yes, explain:
_______________________________
11. Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and
are all current? Yes |X| No | | If No, explain:__________________________
12. INSURANCE. Policy expiration dates:
Auto and truck __________
Liability __________
Fire __________
Workers Comp __________
Other __________
NOTE: SEE ATTACHEMENT A
UNITED STATES BANKRUPTCY COURT Form No. 5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
13. ACTIONS OF DEBTOR. During the last month, did the Debtor: (a) Fail to
defend or oppose any action seeking to dispossess the debtor from control
or custody of any asset of the estate? Yes | | No |X| If yes,
explain: ____________________________________________
OR consent to relief from the automatic stay (362)? Yes | | No |X| If
yes, explain:
_______________________________________________________________
(b) Maintain such stock, inventory, raw material, preserve and maintain the
going concern value of the assets of the debtor?
Yes |X| No| | If no, explain: _______________________________
14. TRANSFER OR SALE OF PROPERTY. Did the Debtor or any person with control
over any of the Debtor's assets to another party during the period of
this report other than as set forth herein (including sales by
creditors)? Yes | | No |X| If yes, explain:_______________________________
If yes, a copy of court order authorizing the referenced action must be
attached.
Please discuss any pending motions to sell estate assets:
Type of Motion Brief Description of Asset Projected Income
- ---------------------------------------------------------------------------------------------------
NONE NONE NONE
You may attach a copy of the notice of sale in lieu of completing the
description. Indicate if notice(s) attached. Yes: | |
15. PAYMENT TO SECURED CREDITORS during Reporting Period:
Frequency of Post-Petition
Payments per Amount of Each Pmts. Not made No.
Creditors Contract Payment Next Payment Due Amt.
- -------------------------------------------------------------------------------------------------------------
Bank of America Monthly 63,866.83 April 1, 2002 None
16. PAYMENTS TO PROFESSIONALS (Attorneys, Accountants, Real Estate Agents,
Auctioneers, ect.) during Reporting Period:
Professional Service Amount Paid
- ------------------------------------------------------------------------------------------------------
NONE NONE NONE
Note: If payments were made to any professional during the reporting
period, a copy of the order authorizing payment must be attached.
UNITED STATES BANKRUPTCY COURT Form No. 5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
17. QUARTERLY U.S. TRUSTEE FEES paid during Reporting Period:
Monthly Disbursements: Month 1 None
(calendar quarter) ---------------
Month 2 None
---------------
Month 3 None
---------------
Total None
---------------
Fee Paid $ None
UNITED STATES BANKRUPTCY COURT Form No. 5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
VERIFICATION
I declare under penalty of perjury that the information contained in this
Monthly Operating Report (including schedules) is true and correct to the best
of my knowledge, information and belief.
Dated: 4/15/02 DEBTOR IN POSSESSION
Name/Title: Mark J. McEneaney / GM By: /s/ Mark J. McEneaney
-------------------------------- ------------------------
Address: 2500 Riva Road, Annapolis, MD 21401
------------------------------------------------------------------------
Telephone: 410-897-4400
----------------------------------
REMINDER: Attach copies of debtor in possession bank statements.
UNITED STATES BANKRUPTCY COURT Form No. 5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
ATTACHMENT A
Insurance Carrier Policy Type Policy No. Policy Period
- ------------------------------------------------------------------------------------------------------------------
American Manufacturers Mutual (Kemper) Commercial Package 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial Property 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial Inland Marine 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial General Liability 3MH80227700 12/15/01-12/15/02
Gulf Underwriters Professional Liability GU0448777 12/15/01-12/15/02
Lumbermens Mutual Casualty (Kemper) Commercial Automobile F3D03397400 12/15/01-12/15/02
Chubb Crime 81586146 12/15/01-12/15/02
Lumbermens Mutual Casualty (Kemper) Workers' Compensation 3BA13124000 12/15/01-12/15/02
Chubb Employment Practices Liability 81601626 7/1/01-7/1/02
Lumbermens Mutual Casualty (Kemper) Commercial Umbrella 3SX14025600 12/15/01-12/15/02
Chubb Fiduciary Liability 81561856 9/15/01-9/15/02
Hartford Special Risk Travel Accident ETB109509 12/15/01-12/15/02
Federal Insurance Company Ocean Cargo & Domestic Transit CM46064 4/1/01-4/1/02
Hartford Watercraft Physical Damage and 420MBA2681 8/7/01-8/7/02
Liability
Directors & Officers
Shore Services, LLC
Balance Sheet
March 31, 2002
ASSETS
<Table>
Current Assets
Regular Checking Account $ 4,999.57
------------
Total Current Assets 4,999.57
Property and Equipment
------------
Total Property and Equipment 0.00
Other Assets
Deposits 2,500.00
------------
Total Other Assets 2,500.00
-----------
Total Assets $ 7,499.57
===========
LIABILITIES AND CAPITAL
Current Liabilities
Accrued Expenses $ 4,371.50
Due to USi 292,229.00
------------
Total Current Liabilities 296,600.50
Long-Term Liabilities
------------
Total Long-Term Liabilities 0.00
-----------
Total Liabilities 296,600.50
Capital
Retained Earnings (289,100.93)
Net Income 0.00
------------
Total Capital (289,100.93)
-----------
Total Liabilities & Capital $ 7,499.57
===========
</Table>
Unaudited - For Management Purposes Only
Shore Services, LLC
Income Statement
For the Three Months Ending March 31, 2002
<Table>
<Caption>
Current Month Year to Date
Revenues $ 0.00 0.00 $ 0.00 0.00
Management Fees 0.00 0.00 0.00 0.00
Payment from Agencies 0.00 0.00 0.00 0.00
Sales of Materials 0.00 0.00 0.00 0.00
Overtime 0.00 0.00 0.00 0.00
Interest Income 0.00 0.00 0.00 0.00
Other Income 0.00 0.00 0.00 0.00
Finance Charge Income 0.00 0.00 0.00 0.00
Shipping Charges Reimbursed 0.00 0.00 0.00 0.00
Sales/Fee Refunds 0.00 0.00 0.00 0.00
Sale/Fee Discounts 0.00 0.00 0.00 0.00
---------- ----------
Total Revenues 0.00 0.00 0.00 0.00
---------- ----------
Cost of Sales
Cost of sales 0.00 0.00 0.00 0.00
Cost of Sales-Salaries and
Wag 0.00 0.00 0.00 0.00
---------- ----------
Total Cost of Sales 0.00 0.00 0.00 0.00
---------- ----------
Gross Profit 0.00 0.00 0.00 0.00
---------- ----------
Expenses
Default Purchase Expense 0.00 0.00 0.00 0.00
Advertising Expense 0.00 0.00 0.00 0.00
Amortization Expense 0.00 0.00 0.00 0.00
Auto Expenses 0.00 0.00 0.00 0.00
Bad Debt Expense 0.00 0.00 0.00 0.00
Bank Charges 0.00 0.00 0.00 0.00
Cash Over and Short 0.00 0.00 0.00 0.00
Chartible Contributions Exp 0.00 0.00 0.00 0.00
Commissions and Fees Exp 0.00 0.00 0.00 0.00
Depreciation Expense 0.00 0.00 0.00 0.00
Dues and Subscriptions Exp 0.00 0.00 0.00 0.00
Commissions and Fees Exp 0.00 0.00 0.00 0.00
Employee Benefit
Programs Exp 0.00 0.00 0.00 0.00
Freight Expense 0.00 0.00 0.00 0.00
Gifts Expense 0.00 0.00 0.00 0.00
Income Tax Expense 0.00 0.00 0.00 0.00
Insurance Expense 0.00 0.00 0.00 0.00
Interest Expense 0.00 0.00 0.00 0.00
Laundry and Cleaning Exp 0.00 0.00 0.00 0.00
Legal and Professional
Expense 0.00 0.00 0.00 0.00
Licenses Expense 0.00 0.00 0.00 0.00
Loss on NSF Checks 0.00 0.00 0.00 0.00
Maintenance Expense 0.00 0.00 0.00 0.00
Meals and Entertainment Exp 0.00 0.00 0.00 0.00
Office Expense 0.00 0.00 0.00 0.00
Payroll Tax Expense 0.00 0.00 0.00 0.00
Penalties and Fines Exp 0.00 0.00 0.00 0.00
Other Taxes 0.00 0.00 0.00 0.00
Postage Expense 0.00 0.00 0.00 0.00
Rent or Lease Expense 0.00 0.00 0.00 0.00
Repairs Expense 0.00 0.00 0.00 0.00
Supplies Expense 0.00 0.00 0.00 0.00
Telephone Expense 0.00 0.00 0.00 0.00
</Table>
For Management Purposes Only
Page: 2
Shore Services, LLC
Income Statement
For the Three Months Ending March 31, 2002
<Table>
<Caption>
Current Month Year to Date
Travel Expense 0.00 0.00 0.00 0.00
Salaries Expense 0.00 0.00 0.00 0.00
Wages Expense 0.00 0.00 0.00 0.00
Utilities Expense 0.00 0.00 0.00 0.00
Management Fees 0.00 0.00 0.00 0.00
Purchase Disc-Expense Items 0.00 0.00 0.00 0.00
Gain/Loss on Sale of Assets 0.00 0.00 0.00 0.00
---------- ----------
Total Expenses 0.00 0.00 0.00 0.00
---------- ----------
Net Income $ $ 0.00 0.00
========== ==========
</Table>
For Management Purposes Only
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
IN RE: GEMC Properties, LLC CHAPTER 11
Case No. 02-5-0216-SD
Debtor(s)
MONTHLY OPERAING REPORT Calendar Month March 1 through March 31, 2002
FINANCIAL BACKGROUND INFORMATION
1. ACCOUNTING BASIS: Cash Accrual |X|
2. PREPARER: State the name, address, telephone number and position of the
person(s) who actually compiled the information contained in this report.
Matt Allen, Accounting Manager
One USi Plaza, Annapolis, Maryland 21401 (410) 897-3118
3. EMPLOYEE INFORMATION:
Number of employees paid this period: N/A
Current number of employees: N/A
Gross monthly payroll:
Officers, directors and principals: N/A
Other employees: N/A
All post-petition payroll obligations including payroll taxes are current.
Exceptions:________________________________
NOTE: THE COMPANY HAS NO EMPLOYEES.
4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESSOR STATUS OF
OPERATIONS since the last reporting period? Yes | | No |X|. If
yes, explain:_____________________________________________________________
5. Are all BUSINESS LICENSES or BONDS current?
Yes |X| No | | Not Applicable __________
6. PRE-PETITION ACCOUNTS RECEIVABLE:
Collected this Period __________
Ending Balance __________
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
7. PRE-PETITION ACCOUNTS RECEIVABLE:
0-30 Days: $____________ 31-60 Days $____________ Over 60 Days $_______
NOTE: THE COMPANY UTILIZES AN ACCOUNTING SYSTEM THAT DO NOT EASILY PERMIT
MAKING A DEMARCATION BETWEEN PRE AND POST.
If there are any post-petition Accounts Receivable over 60days, provide
schedule AR giving a listing of such accounts and explain the
delinquencies.
NOTE: AS OF THE STATEMENT DATE, THERE ARE NO POST-PETITION ACCOUNTS
RECEIVABLE THAT ARE OVER THIRTY DAYS PAST THEIR DUE DATE.
8. POST-PETITION ACCOUNTS PAYABLE:
0-30 Days: $____________ 31-60 Days $____________ Over 60 Days $_______
If there are any post-petition Accounts Payable over 30 days, provide
Schedule AP giving a listing of such accounts and explain the
delinquencies.
NOTE: AS OF THE STATEMENT DATE, THERE ARE NO POST-PETITION ACCOUNTS
PAYABLE THAT ARE OVER THIRTY DAYS PAST THEIR DUE DATE.
9. TAXES. Are all taxes being paid to the proper taxing authorities when due?
Yes |X| No | |
If the attached IRS Form 6123 report all tax deposits made with any
financial institution for federal employment taxes during the reporting
period. Be sure the form is complete and signed by an authorized employee
of the receiving institution or taxing authority. Also attach copies of
the monthly sales tax statement AND real estate tax statement with
evidence of payment of these taxes.
NOTE: THE COMPANY HAS NO EMPLOYEES.
10. BANK ACCOUNTS. Have you changed banks or any other financial institution
during this period? Yes | | No |X| If yes, explain:
_______________________________
11. Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and
are all current? Yes |X| No | | If No, explain:__________________________
12. INSURANCE. Policy expiration dates:
Auto and truck __________
Liability __________
Fire __________
Workers Comp __________
Other __________
NOTE: SEE ATTACHEMENT A
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
13. ACTIONS OF DEBTOR. During the last month, did the Debtor: (a) Fail to
defend or oppose any action seeking to dispossess the debtor from control
or custody of any asset of the estate? Yes | | No |X| If yes,
explain: ____________________________________________
OR consent to relief from the automatic stay (362)? Yes | | No |X| If
yes, explain:
_______________________________________________________________
(b) Maintain such stock, inventory, raw material, preserve and maintain the
going concern value of the assets of the debtor? Yes |X| No| | If
no, explain: _______________________________
14. TRANSFER OR SALE OF PROPERTY. Did the Debtor or any person with control
over any of the Debtor's assets to another party during the period of
this report other than as set forth herein (including sales by
creditors)? Yes | | No |X| If yes, explain:_______________________________
If yes, a copy of court order authorizing the referenced action must be
attached.
Please discuss any pending motions to sell estate assets:
Type of Motion Brief Description of Asset Projected Income
- ------------------------------------------------------------------------------------------------------
NONE NONE NONE
You may attach a copy of the notice of sale in lieu of completing the
description. Indicate if notice(s) attached. Yes:_____
15. PAYMENT TO SECURED CREDITORS during Reporting Period:
Frequency of Post-Petition
Payments per Amount of Each Pmts. Not made No.
Creditors Contract Payment Next Payment Due Amt.
- ---------------------------------------------------------------------------------------------------------------
Bank of America Monthly 63,866.83 April 1, 2002 None
16. PAYMENTS TO PROFESSIONALS (Attorneys, Accountants, Real Estate Agents,
Auctioneers, ect.) during Reporting Period:
Professional Service Amount Paid
- -------------------------------------------------------------------------------------------------------
NONE NONE NONE
Note: If payments were made to any professional during the reporting
period, a copy of the order authorizing payment must be attached.
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
17. QUARTERLY U.S. TRUSTEE FEES paid during Reporting Period:
Monthly Disbursements: Month 1 None
(calendar quarter) ----------------
Month 2 None
----------------
Month 3 None
----------------
Total None
----------------
Fee Paid $ None
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
VERIFICATION
I declare under penalty of perjury that the information contained in this
Monthly Operating Report (including schedules) is true and correct to the best
of my knowledge, information and belief.
Dated: 4/18/02 DEBTOR IN POSSESSION
Name/Title: Mark J. McEneaney / GM By: /s/ Mark J. McEneaney
-------------------------------- -------------------------
Address: 2500 Riva Road, Annapolis, MD 21401
------------------------------------------------------------------------
Telephone: 410-897-4400
----------------------------------
REMINDER: Attach copies of debtor in possession bank statements.
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
ATTACHMENT A
Insurance Carrier Policy Type Policy No. Policy Period
- --------------------------------------------------------------------------------------------------------------------
American Manufacturers Mutual (Kemper) Commercial Package 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial Property 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial Inland Marine 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial General Liability 3MH80227700 12/15/01-12/15/02
Gulf Underwriters Professional Liability GU0448777 12/15/01-12/15/02
Lumbermens Mutual Casualty (Kemper) Commercial Automobile F3D03397400 12/15/01-12/15/02
Chubb Crime 81586146 12/15/01-12/15/02
Lumbermens Mutual Casualty (Kemper) Workers' Compensation 3BA13124000 12/15/01-12/15/02
Chubb Employment Practices Liability 81601626 7/1/01-7/1/02
Lumbermens Mutual Casualty (Kemper) Commercial Umbrella 3SX14025600 12/15/01-12/15/02
Chubb Fiduciary Liability 81561856 9/15/01-9/15/02
Hartford Special Risk Travel Accident ETB109509 12/15/01-12/15/02
Federal Insurance Company Ocean Cargo & Domestic Transit CM46064 4/1/01-4/1/02
Hartford Watercraft Physical Damage and 420MBA2681 8/7/01-8/7/02
Liability
Directors & Officers
IN RE: GEMC Properties, LLC
Case No. 02-5-0216-SD
Balance Sheet
as of March 31, 2002
UNITED STATES BANKRUPTCY COURT Form No. 10
FOR THE DISTRICT OF MARYLAND
OFFICE OF THE UNITED STATES TRUSTEE
Assets
Current Assets
Cash 80,941.25
Restricted Cash --
Marketable Securities 192,213.96
Billed A/R --
Unbilled A/R (need reclass w/ deferred) --
Allowance for doubtful accounts --
-------------
Trade Accounts Receivable --
Other Short Term Receivables --
Due from Subsidiaries --
Prepaid Expenses 4,739.92
Inventory --
-------------
Total Current Assets 277,895.13
-------------
Long Term Assets
WIP --
Prepaid Client Software Licenses --
Property and Equipment - Cost 6,796,583.96
Property and Equipment - Land 2,501,866.06
Property and Equipment - Accum Depr (498,416.16)
-------------
Property and Equipment - Net 8,800,033.86
Goodwill --
Investment in Subsidiaries --
Deposits --
-------------
Total Long Term Assets 8,800,033.86
-------------
-------------
Total Assets $9,077,928.99
=============
Liabilities & Stockholders' Equity
Current Liabilities
Accounts Payable --
Salaries Payable --
Due to Subsidiaries 1,255,000.00
Accrued Expenses 2,963,498.98
Current Portion of Captial Leases --
Current Portion of Debt 80,806.35
Deferred Revenue --
-------------
Total Current Liabilities 4,299,305.33
-------------
Long Term Liabilities
Long Term Capital Leases --
Long Term Debt 6,542,760.42
Long Term Subordinated Notes --
Dividends Payable --
-------------
Total Long Term Liabilities 6,542,760.42
-------------
Stockholder's Equity
Common Stock Subject to Repurchase --
Due From Stockholders --
-------------
Total CS Subject to Repurchase --
-------------
Series B Preferred Stock --
-------------
Common Stock --
Series A Preferred Stock - Par --
Series A Preferred Stock - APIC --
Additional Paid In Capital --
APIC - Dividends --
Unrealized gain/loss on mkt sec --
Unearned Compensation --
-------------
Sub total APIC (adj Series A) --
Retained Earnings (1,550,276.83)
-------------
Total Stockholders' Equity (1,550,276.83)
-------------
Total Liabilities & Stockholders' Equity $9,291,788.92
=============
Current Year Retained Earnings $ 213,859.93
=============
IN RE: GEMC Properties , LLC
Case No. 02-5-0216-SD
Income Statement
for the period
March 1 through March 31, 2002
UNITED STATES BANKRUPTCY COURT Form No. 6
FOR THE DISTRICT OF MARYLAND
OFFICE OF THE UNITED STATES TRUSTEE
Mar-02 YTD
ACTUAL ACTUAL
---------- ----------
Indirect Labor 0 0
Indirect Commissions 0 0
Indirect Bonus 0 0
Indirect Benefits 0 0
Indirect Travel 0 0
Indirect Training 0 0
Indirect Relocation & Recruiting 0 0
Indirect Outside Consulting & Prof Svcs 0 0
Indirect Bad Debt Expense 0 0
Indirect Marketing / Advertising 0 0
Indirect Marketing Revenue Credits 0 0
Indirect Rent and Leases 0 0
Indirect Utilities 0 0
Indirect Hardware Maintenance 0 0
Indirect Software Maintenance 0 0
Indirect Repairs and Maintenance 0 0
Indirect Telecom Expense 0 0
Indirect Gains and Losses 0 0
Other Indirect Costs 15 66
Indirect Capitalization to Balance Sheet 0 0
Indirect R&D reclassification 0 0
Indirect from Direct reclassification 0 0
---------- ----------
Total indirect costs 15 66
---------- ----------
Indirect Stock Based Compensation 0 0
---------- ----------
Depreciation 22,655 67,966
Goodwill Amortization 0 0
---------- ----------
Total depreciation & amortization 22,655 67,966
---------- ----------
Interest Expense (45,405) (146,068)
Interest Income 55 240
---------- ----------
Net interest (45,351) (145,828)
---------- ----------
Taxes 0 0
---------- ----------
Net income (loss) (68,021) (213,860)
========== ==========
EBITDA (15) (66)
========== ==========
IN RE: GEMC Properties, LLC
Case No. 02-5-0216-SD
Cash Flow Statement
as of March 31, 2002
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF MARYLAND
OFFICE OF THE UNITED STATES TRUSTEE
GEMC Properties, LLC
Statement of Cash Flow
For the one Month Ended March 31, 2002
March Year to Date
Cash Flow from operating activities
Net Income (68,020.51) (213,859.93)
--
Accumulated Depreciation -Building 22,655.28 67,965.84
Repair Escrow Reserve -- (43.36)
Tax Escrow Account (72,071.50) (33,298.17)
Replacement Reserve Escrow -- (1,637.39)
Insurance Escrow Account -- (615.92)
Current portion long-term debt 549.31 1,751.97
Due to Admiral Management 65,000.00 195,000.00
Total Adjustment 16,133.09 229,122.97
------------ ------------
Net Cash provided by Operations (51,887.42) 15,263.04
------------ ------------
Cash Flow from investing activates --
Net Cash provided by investing --
Cash Flow from financing activities --
Notes Payable (Non-current) (10,868.23) (22,856.28)
Net Cash provided by financing (10,868.23) (22,856.28)
------------ ------------
Net Increase or Decrease in cash (62,755.65) (7,593.24)
============ ============
Summary
Cash Balance at end of period 80,941.25 80,941.25
Cash Balance at beg of period (143,696.91) (88,534.50)
------------ ------------
Net Increase or Decrease in cash $ (62,755.66) $ (7,593.25)
============ ============
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
IN RE: RIVA CANYON, LLC CHAPTER 11
Case No. 02-5-0217-SD
Debtor(s)
MONTHLY OPERAING REPORT Calendar Month March 1 Through March 31, 2002
FINANCIAL BACKGROUND INFORMATION
1. ACCOUNTING BASIS: Cash Accrual |X|
2. PREPARER: State the name, address, telephone number and position of the
person(s) who actually compiled the information contained in this report.
Matt Allen, Accounting Manager
One USi Plaza, Annapolis, Maryland 21401 (410) 897-3118
3. EMPLOYEE INFORMATION:
Number of employees paid this period: N/A
Current number of employees: N/A
Gross monthly payroll:
Officers, directors and principals: N/A
Other employees: N/A
All post-petition payroll obligations including payroll taxes are current.
Exceptions:________________________________
NOTE: THE COMPANY HAS NO EMPLOYEES.
4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESSOR STATUS OF
OPERATIONS since the last reporting period? Yes | | No |X|.
If yes, explain:__________________________________________________________
5. Are all BUSINESS LICENSES or BONDS current?
Yes |X| No | | Not Applicable __________
6. PRE-PETITION ACCOUNTS RECEIVABLE:
Collected this Period __________
Ending Balance __________
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
7. PRE-PETITION ACCOUNTS RECEIVABLE:
0-30 Days: $____________ 31-60 Days $____________ Over 60 Days $_______
NOTE: THE COMPANY UTILIZES AN ACCOUNTING SYSTEM THAT DO NOT EASILY PERMIT
MAKING A DEMARCATION BETWEEN PRE AND POST.
If there are any post-petition Accounts Receivable over 60days, provide
schedule AR giving a listing of such accounts and explain the
delinquencies.
NOTE: AS OF THE STATEMENT DATE, THERE ARE NO POST-PETITION ACCOUNTS
RECEIVABLE THAT ARE OVER THIRTY DAYS PAST THEIR DUE DATE.
8. POST-PETITION ACCOUNTS PAYABLE:
0-30 Days: $___________ 31-60 Days $_____________ Over 60 Days $________
If there are any post-petition Accounts Payable over 30 days, provide
Schedule AP giving a listing of such accounts and explain the
delinquencies.
NOTE: AS OF THE STATEMENT DATE, THERE ARE NO POST-PETITION ACCOUNTS
PAYABLE THAT ARE OVER THIRTY DAYS PAST THEIR DUE DATE.
9. TAXES. Are all taxes being paid to the proper taxing authorities when due?
Yes |X| No | |
If the attached IRS Form 6123 report all tax deposits made with any
financial institution for federal employment taxes during the reporting
period. Be sure the form is complete and signed by an authorized
employee of the receiving institution or taxing authority. Also attach
copies of the monthly sales tax statement AND real estate tax statement
with evidence of payment of these taxes.
NOTE: THE COMPANY HAS NO EMPLOYEES.
10. BANK ACCOUNTS. Have you changed banks or any other financial institution
during this period? Yes| | No |X| If yes, explain:______________________
11. Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and
are all current? Yes |X| No | | If No, explain:______________________
12. INSURANCE. Policy expiration dates:
Auto and truck __________
Liability __________
Fire __________
Workers Comp __________
Other __________
NOTE: SEE ATTACHEMENT A
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
13. ACTIONS OF DEBTOR. During the last month, did the Debtor: (a) Fail to
defend or oppose any action seeking to dispossess the debtor from control
or custody of any asset of the estate? Yes | | No |X| If yes,
explain:__________________
OR consent to relief from the automatic stay (362)? Yes | | No |X| If
yes, explain:________________________________________________________
(b) Maintain such stock, inventory, raw material, preserve and maintain the
going concern value of the assets of the debtor? Yes |X| No | | If
no, explain: _______________________________
14. TRANSFER OR SALE OF PROPERTY. Did the Debtor or any person with control
over any of the Debtor's assets to another party during the period of this
report other than as set forth herein (including sales by creditors)?
Yes | | No |X| If yes, explain: _____________________________________
If yes, a copy of court order authorizing the referenced action must be
attached.
Please discuss any pending motions to sell estate assets:
Type of Motion Brief Description of Asset Projected Income
- -----------------------------------------------------------------------------------------------------
NONE NONE NONE
You may attach a copy of the notice of sale in lieu of completing the
description. Indicate if notice(s) attached. Yes: ______
15. PAYMENT TO SECURED CREDITORS during Reporting Period:
Frequency of Post-Petition
Payments per Amount of Each Pmts. Not made No.
Creditors Contract Payment Next Payment Due Amt.
- --------------------------------------------------------------------------------------------------------------
NONE NONE NONE NONE NONE
16. PAYMENTS TO PROFESSIONALS (Attorneys, Accountants, Real Estate Agents,
Auctioneers, ect.) during Reporting Period:
Professional Service Amount Paid
- -------------------------------------------------------------------------------------------------------
NONE NONE NONE
Note: If payments were made to any professional during the reporting
period, a copy of the order authorizing payment must be attached.
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
17. QUARTERLY U.S. TRUSTEE FEES paid during Reporting Period:
Monthly Disbursements: Month 1 None
(calendar quarter) ------------------
Month 2 None
------------------
Month 3 None
------------------
Total None
------------------
Fee Paid $ None
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
VERIFICATION
I declare under penalty of perjury that the information contained in this
Monthly Operating Report (including schedules) is true and correct to the best
of my knowledge, information and belief.
Dated: 4/18/02 DEBTOR IN POSSESSION
Name/Title: Mark J. McEneaney / GM By: /s/ Mark J. McEneaney
-------------------------------- ------------------------
Address: 2500 Riva Road, Annapolis, MD 21401
------------------------------------------------------------------------
Telephone: 410-897-4400
----------------------------------
REMINDER: Attach copies of debtor in possession bank statements.
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
ATTACHMENT A
Insurance Carrier Policy Type Policy No. Policy Period
- ------------------------------------------------------------------------------------------------------------------------
American Manufacturers Mutual (Kemper) Commercial Package 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial Property 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial Inland Marine 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial General Liability 3MH80227700 12/15/01-12/15/02
Gulf Underwriters Professional Liability GU0448777 12/15/01-12/15/02
Lumbermens Mutual Casualty (Kemper) Commercial Automobile F3D03397400 12/15/01-12/15/02
Chubb Crime 81586146 12/15/01-12/15/02
Lumbermens Mutual Casualty (Kemper) Workers' Compensation 3BA13124000 12/15/01-12/15/02
Chubb Employment Practices Liability 81601626 7/1/01-7/1/02
Lumbermens Mutual Casualty (Kemper) Commercial Umbrella 3SX14025600 12/15/01-12/15/02
Chubb Fiduciary Liability 81561856 9/15/01-9/15/02
Hartford Special Risk Travel Accident ETB109509 12/15/01-12/15/02
Federal Insurance Company Ocean Cargo & Domestic Transit CM46064 4/1/01-4/1/02
Hartford Watercraft Physical Damage and 420MBA2681 8/7/01-8/7/02
Liability
Directors & Officers
Riva Canyon, LLc
Balance Sheet
March 31, 2002
ASSETS
<Table>
Current Assets
Regular Checking Account $ 6,730.54
------------
Total Current Assets 6,730.54
Property and equiment
Watercrafts 164,702.28
Accum. Depr-Watercrafts (63,135.92)
------------
Total Property and Equipment 101,566.36
Other Assets
------------
Total Other Assets 0.00
----------
Total Assets $ 108,296.90
==========
LIABILITIES AND CAPITAL
Current Liabilities
Due to USi $ 172,338.32
------------
Total Current Liabilities 172,338.32
Long-Term Liabilities
------------
Total Long-Term Liabilities 0.00
----------
Total Liabilities 172,338.32
Capital
Retained Earnings (55,806.30)
Net Income (8,235.12)
------------
Total Capital (64,041.42)
----------
Total Liabilities & Capital $ 108,296.90
==========
</Table>
Unaudited - For Management Purposes Only
Page: 1
Riva Canyon, LLC
Income Statement
For the Three Months Ending March 31, 2002
<Table>
<Caption>
Current Month Year to Date
Revenues $ 0.00 0.00 $ 0.00 0.00
Professional Fees 0.00 0.00 0.00 0.00
Payment from Agencies 0.00 0.00 0.00 0.00
Sales of Materials 0.00 0.00 0.00 0.00
Overtime 0.00 0.00 0.00 0.00
Interest Income 0.00 0.00 0.00 0.00
Other Income 0.00 0.00 0.00 0.00
Finance Charge Income 0.00 0.00 0.00 0.00
Shipping Charges Reimbursed 0.00 0.00 0.00 0.00
Sales/Fee Refunds 0.00 0.00 0.00 0.00
Sale/Fee Discounts 0.00 0.00 0.00 0.00
---------- ----------
Total Revenues 0.00 0.00 0.00 0.00
---------- ----------
Cost of Sales
Cost of Sales 0.00 0.00 0.00 0.00
Cost of Sales-Salaries and
Wag 0.00 0.00 0.00 0.00
---------- ----------
Total Cost of Sales 0.00 0.00 0.00 0.00
---------- ----------
Gross Profit 0.00 0.00 0.00 0.00
---------- ----------
Expenses
Default Purchase Expense 0.00 0.00 0.00 0.00
Advertising Expense 0.00 0.00 0.00 0.00
Amortization Expense 0.00 0.00 0.00 0.00
Auto Expenses 0.00 0.00 0.00 0.00
Bad Debt Expense 0.00 0.00 0.00 0.00
Bank Charges 0.00 0.00 0.00 0.00
Cash Over and Short 0.00 0.00 0.00 0.00
Charitable Contributions Exp 0.00 0.00 0.00 0.00
Commissions and Fees Exp 0.00 0.00 0.00 0.00
Depreciation Expense 2,745.04 0.00 8,235.12 0.00
Dues and Subscriptions Exp 0.00 0.00 0.00 0.00
Employee Benefit
Programs Exp 0.00 0.00 0.00 0.00
Freight Expense 0.00 0.00 0.00 0.00
Gifts Expense 0.00 0.00 0.00 0.00
Income Tax Expense 0.00 0.00 0.00 0.00
Insurance Expense 0.00 0.00 0.00 0.00
Interest Expense 0.00 0.00 0.00 0.00
Laundry and Cleaning Exp 0.00 0.00 0.00 0.00
Legal and Professional
Expense 0.00 0.00 0.00 0.00
Licenses Expense 0.00 0.00 0.00 0.00
Loss on NSF Checks 0.00 0.00 0.00 0.00
Maintenance Expense 0.00 0.00 0.00 0.00
Meals and Entertainment Exp 0.00 0.00 0.00 0.00
Office Expense 0.00 0.00 0.00 0.00
Payroll Tax Expense 0.00 0.00 0.00 0.00
Penalties and Fines Exp 0.00 0.00 0.00 0.00
Other Taxes 0.00 0.00 0.00 0.00
Postage Expense 0.00 0.00 0.00 0.00
Rent or Lease Expense 0.00 0.00 0.00 0.00
Repairs Expense 0.00 0.00 0.00 0.00
Supplies Expense 0.00 0.00 0.00 0.00
Telephone Expense 0.00 0.00 0.00 0.00
</Table>
For Management Purposes Only
Riva Canyon, LLC
Income Statement
For the Three Months Ending March 31, 2002
<Table>
<Caption>
Current Month Year to Date
Travel Expense 0.00 0.00 0.00 0.00
Salaries Expense 0.00 0.00 0.00 0.00
Wages Expense 0.00 0.00 0.00 0.00
Utilities Expense 0.00 0.00 0.00 0.00
Other Expense 0.00 0.00 0.00 0.00
Purchase Disc-Expense Items 0.00 0.00 0.00 0.00
Gain/Loss on Sale of Assets 0.00 0.00 0.00 0.00
---------- ----------
Total Expenses 2,745.04 0.00 8,235.12 0.00
---------- ----------
Net Income (2,745.04) 0.00 (8,235.12) 0.00
</Table>
For Management Purposes Only
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
IN RE: ADMIRAL MANAGEMENT COMPANY, LLC CHAPTER 11
Case No. 02-5-0218-SD
Debtor(s)
MONTHLY OPERAING REPORT Calendar Month March 1 Through March 31, 2002
FINANCIAL BACKGROUND INFORMATION
1. ACCOUNTING BASIS: Cash Accrual |X|
2. PREPARER: State the name, address, telephone number and position of the
person(s) who actually compiled the information contained in this report.
Matt Allen, Accounting Manager
One USi Plaza, Annapolis, Maryland 21401 (410) 897-3118
3. EMPLOYEE INFORMATION:
Number of employees paid this period: N/A
Current number of employees: N/A
Gross monthly payroll:
Officers, directors and principals: N/A
Other employees: N/A
All post-petition payroll obligations including payroll taxes are current.
Exceptions:________________________________
NOTE: THE COMPANY HAS NO EMPLOYEES.
4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESSOR STATUS OF
OPERATIONS since the last reporting period? Yes | | No |X|.
If yes, explain:__________________________________________________________
5. Are all BUSINESS LICENSES or BONDS current?
Yes |X| No | | Not Applicable __________
6. PRE-PETITION ACCOUNTS RECEIVABLE:
Collected this Period __________
Ending Balance __________
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
7. PRE-PETITION ACCOUNTS RECEIVABLE:
0-30 Days: $____________ 31-60 Days $____________ Over 60 Days $_______
NOTE: THE COMPANY UTILIZES AN ACCOUNTING SYSTEM THAT DO NOT EASILY PERMIT
MAKING A DEMARCATION BETWEEN PRE AND POST.
If there are any post-petition Accounts Receivable over 60days, provide
schedule AR giving a listing of such accounts and explain the
delinquencies.
NOTE: AS OF THE STATEMENT DATE, THERE ARE NO POST-PETITION ACCOUNTS
RECEIVABLE THAT ARE OVER THIRTY DAYS PAST THEIR DUE DATE.
8. POST-PETITION ACCOUNTS PAYABLE:
0-30 Days: $___________ 31-60 Days $_____________ Over 60 Days $________
If there are any post-petition Accounts Payable over 30 days, provide
Schedule AP giving a listing of such accounts and explain the
delinquencies.
NOTE: AS OF THE STATEMENT DATE, THERE ARE NO POST-PETITION ACCOUNTS
PAYABLE THAT ARE OVER THIRTY DAYS PAST THEIR DUE DATE.
9. TAXES. Are all taxes being paid to the proper taxing authorities when due?
Yes |X| No | |
If the attached IRS Form 6123 report all tax deposits made with any
financial institution for federal employment taxes during the reporting
period. Be sure the form is complete and signed by an authorized
employee of the receiving institution or taxing authority. Also attach
copies of the monthly sales tax statement AND real estate tax statement
with evidence of payment of these taxes.
NOTE: THE COMPANY HAS NO EMPLOYEES.
10. BANK ACCOUNTS. Have you changed banks or any other financial institution
during this period? Yes| | No |X| If yes, explain:______________________
11. Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and
are all current? Yes |X| No | | If No, explain:______________________
12. INSURANCE. Policy expiration dates:
Auto and truck __________
Liability __________
Fire __________
Workers Comp __________
Other __________
NOTE: SEE ATTACHEMENT A
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
13. ACTIONS OF DEBTOR. During the last month, did the Debtor: (a) Fail to
defend or oppose any action seeking to dispossess the debtor from control
or custody of any asset of the estate? Yes | | No |X| If yes,
explain:__________________
OR consent to relief from the automatic stay (362)? Yes | | No |X| If
yes, explain:________________________________________________________
(b) Maintain such stock, inventory, raw material, preserve and maintain the
going concern value of the assets of the debtor? Yes |X| No | | If
no, explain: _______________________________
14. TRANSFER OR SALE OF PROPERTY. Did the Debtor or any person with control
over any of the Debtor's assets to another party during the period of this
report other than as set forth herein (including sales by creditors)?
Yes | | No |X| If yes, explain: _____________________________________
If yes, a copy of court order authorizing the referenced action must be
attached.
Please discuss any pending motions to sell estate assets:
Type of Motion Brief Description of Asset Projected Income
- ----------------------------------------------------------------------------------------------------
NONE NONE NONE
You may attach a copy of the notice of sale in lieu of completing the
description. Indicate if notice(s) attached. Yes: ______
15. PAYMENT TO SECURED CREDITORS during Reporting Period:
Frequency of Post-Petition
Payments per Amount of Each Pmts. Not made No.
Creditors Contract Payment Next Payment Due Amt.
- -------------------------------------------------------------------------------------------------------------
NONE NONE NONE NONE NONE
16. PAYMENTS TO PROFESSIONALS (Attorneys, Accountants, Real Estate Agents,
Auctioneers, ect.) during Reporting Period:
Professional Service Amount Paid
- -------------------------------------------------------------------------------------------------------
NONE NONE NONE
Note: If payments were made to any professional during the reporting
period, a copy of the order authorizing payment must be attached.
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
17. QUARTERLY U.S. TRUSTEE FEES paid during Reporting Period:
Monthly Disbursements: Month 1 None
(calendar quarter) -----------------
Month 2 None
-----------------
Month 3 None
-----------------
Total None
-----------------
Fee Paid $ None
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
VERIFICATION
I declare under penalty of perjury that the information contained in this
Monthly Operating Report (including schedules) is true and correct to the best
of my knowledge, information and belief.
Dated: 4/18/02 DEBTOR IN POSSESSION
Name/Title: Mark J. McEneaney / GM By: /s/ Mark J. McEneaney
-------------------------------- ------------------------
Address: 2500 Riva Road, Annapolis, MD 21401
------------------------------------------------------------------------
Telephone: 410-897-4400
----------------------------------
REMINDER: Attach copies of debtor in possession bank statements.
UNITED STATES BANKRUPTCY COURT Form No.5
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
ATTACHMENT A
INSURANCE CARRIER POLICY TYPE POLICY NO. POLICY PERIOD
- --------------------------------------------------------------------------------------------------------------------
American Manufacturers Mutual (Kemper) Commercial Package 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial Property 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial Inland Marine 3MH80227700 12/15/01-12/15/02
American Manufacturers Mutual (Kemper) Commercial General Liability 3MH80227700 12/15/01-12/15/02
Gulf Underwriters Professional Liability GU0448777 12/15/01-12/15/02
Lumbermens Mutual Casualty (Kemper) Commercial Automobile F3D03397400 12/15/01-12/15/02
Chubb Crime 81586146 12/15/01-12/15/02
Lumbermens Mutual Casualty (Kemper) Workers' Compensation 3BA13124000 12/15/01-12/15/02
Chubb Employment Practices Liability 81601626 7/1/01-7/1/02
Lumbermens Mutual Casualty (Kemper) Commercial Umbrella 3SX14025600 12/15/01-12/15/02
Chubb Fiduciary Liability 81561856 9/15/01-9/15/02
Hartford Special Risk Travel Accident ETB109509 12/15/01-12/15/02
Federal Insurance Company Ocean Cargo & Domestic Transit CM46064 4/1/01-4/1/02
Hartford Watercraft Physical Damage and 420MBA2681 8/7/01-8/7/02
Liability
Directors & Officers
IN RE: Admiral Management Company, LLC
Case No. 02-5-0218-SD
Balance Sheet
as of March 31, 2002
UNITED STATES BANKRUPTCY COURT Form No. 10
FOR THE DISTRICT OF MARYLAND
OFFICE OF THE UNITED STATES TRUSTEE
ASSETS
CURRENT ASSETS
Cash 393,271.32
Restricted Cash --
Marketable Securities --
Billed A/R --
Unbilled A/R (need reclass w/ deferred) --
Allowance for doubtful accounts --
-------------
Trade Accounts Receivable --
Other Short Term Receivables 75,625.83
Due from Subsidiaries 1,255,000.00
Prepaid Expenses --
Inventory --
-------------
TOTAL CURRENT ASSETS 1,723,897.15
-------------
LONG TERM ASSETS
WIP --
Prepaid Client Software Licenses --
Property and Equipment - Cost --
Property and Equipment - Land --
Property and Equipment - Accum Depr --
-------------
Property and Equipment - Net --
Goodwill --
Investment in Subsidiaries --
Deposits --
-------------
TOTAL LONG TERM ASSETS --
-------------
-------------
TOTAL ASSETS $1,723,897.15
=============
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable (5,904.40)
Salaries Payable --
Due to Subsidiaries --
Accrued Expenses (29,520.95)
Current Portion of Captial Leases --
Current Portion of Debt --
Deferred Revenue --
-------------
TOTAL CURRENT LIABILITIES (35,425.35)
-------------
LONG TERM LIABILITIES
Long Term Capital Leases --
Long Term Debt --
Long Term Subordinated Notes --
Dividends Payable --
-------------
TOTAL LONG TERM LIABILITIES --
-------------
STOCKHOLDER'S EQUITY
Common Stock Subject to Repurchase --
Due From Stockholders --
-------------
Total CS Subject to Repurchase --
-------------
Series B Preferred Stock --
-------------
Common Stock --
Series A Preferred Stock - Par --
Series A Preferred Stock - APIC --
Additional Paid In Capital --
APIC - Dividends --
Unrealized gain/loss on mkt sec --
Unearned Compensation --
-------------
Sub total APIC (adj Series A) --
Retained Earnings 1,473,937.28
-------------
TOTAL STOCKHOLDERS' EQUITY 1,473,937.28
-------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $1,438,511.93
=============
Current Year Retained Earnings $ (285,385.22)
=============
IN RE: Admiral Management Company, LLC
Case No. 02-5-0218-SD
Income Statement
for the period March 1
through March 31, 2002
UNITED STATES BANKRUPTCY COURT Form No. 6
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
Mar-02 YTD
ACTUAL ACTUAL
--------------- ---------------
Indirect Labor 0 0
Indirect Commissions 0 0
Indirect Bonus 0 0
Indirect Benefits 0 0
Indirect Travel 0 0
Indirect Training 0 0
Indirect Relocation & Recruiting 0 0
Indirect Outside Consulting & Prof Svcs 1,928 9,856
Indirect Bad Debt Expense 0 0
Indirect Marketing / Advertising 0 0
Indirect Marketing Revenue Credits 0 0
Indirect Rent and Leases (108,996) (326,988)
Indirect Utilities 24,869 74,782
Indirect Hardware Maintenance 0 0
Indirect Software Maintenance 0 0
Indirect Repairs and Maintenance (51,588) (42,887)
Indirect Telecom Expense 0 0
Indirect Gains and Losses 0 0
Other Indirect Costs 144 576
Indirect Capitalization to Balance Sheet 0 0
Indirect R&D reclassification 0 0
Indirect from Direct reclassification 0 0
------------- ---------------
TOTAL INDIRECT COSTS (133,643) (284,661)
------------- ---------------
INDIRECT STOCK BASED COMPENSATION 0 0
------------- ---------------
Depreciation 0 0
Goodwill Amortization 0 0
------------- ---------------
TOTAL DEPRECIATION & AMORTIZATION 0 0
------------- ---------------
Interest Expense 0 0
Interest Income 347 724
------------- ---------------
NET INTEREST 347 724
------------- ---------------
Taxes 0 0
------------- ---------------
Net income (loss) 133,990 285,385
============= ===============
EBITDA 133,643 284,661
============= ===============
IN RE: Admiral Management Company, LLC
Case No. 02-5-0218-SD
Statement of Cash Flow
for the period March 1
through of March 31, 2002
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF MARYLAND
OFFICE OF THE UNITED STATES TRUSTEE
Admiral Management Company, LLC
Statement of Cash Flow
For the one Month Ended March 31, 2002
March Year to Date
Cash Flow from operating activities
Net Income 133,990.22 285,385.22
--
Accounts Receivable (43,373.16) (11,874.75)
Due from GEMC (65,000.00) (195,000.00)
Account Payable -- (3,984.74)
--
Total Adjustment (108,373.16) (210,859.49)
----------- -----------
Net Cash provided by Operations 25,617.06 74,525.73
----------- -----------
--
Cash Flow from investing activates --
Net Cash provided by investing --
--
--
Cash Flow from financing activities --
Net Cash provided by financing --
--
----------- -----------
Net Increase or Decrease in cash 25,617.06 74,525.73
=========== ===========
SUMMARY
Cash Balance at end of period 393,271.32 393,271.32
Cash Balance at beg of period (367,655.26) (318,746.59)
----------- -----------
NET INCREASE OR DECREASE IN CASH $ 25,616.06 $ 74,524.73
=========== ===========