EXHIBIT 99.1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
AMENDED SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: May 31, 2001
BEGINNING BALANCE IN ALL ACCOUNTS $ 27,855,855.00
RECEIPTS:
1. Receipts from Operations $ --
2. Other Receipts $ 172,565.56
Other Receipts (Received on behalf of Affiliates) $ 259,631.24
----------------
TOTAL RECEIPTS $ 432,196.80
DISBURSEMENTS
3. Net Payroll
a. Officers $ 80,621.00
b. Others $ 108,507.73
4. Taxes
a. Federal Income Taxes $ 51,409.11
b. FICA Withholdings $ 12,692.05
c. Employee's withholdings $ --
d. Employer's FICA $ 12,692.11
e. Federal Unemployment Taxes $ 58.43
f. State Income Tax $ 12,165.60
g. State Employee withholdings $ --
h. All other state taxes $ 237.70
5. Necessary Expenses
a. Rent or mortgage payment(s) $ --
b. Utilities $ --
c. Insurance $ 21,237.32
d. Merchandise bought for manufacture or sell $ --
e. Other necessary expenses
Employee Expenses $ 35,668.01
Office Supplies & Expenses $ 9,600.06
Other $ 4,042.48
----------------
TOTAL DISBURSEMENTS $ 348,931.60
Add: Disbursements made on behalf of Affiliates $ 8,817,491.44
----------------
ADJUSTED TOTAL DISBURSEMENTS $ 9,166,423.04
----------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (8,734,226.24)
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group $ (11,310.00)
NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C $ (819,674.92)
NET INTERCOMPANY SWEEPS/TRANSFERS - NACT $ (93,770.61)
NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc. $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange $ 483,230.62
----------------
NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD $ (441,524.91)
----------------
ENDING BALANCE IN Bank of America - Master 03751046297 $ 298,363.19
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 2,684,640.58
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 72,706.28
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 237,075.62
ENDING BALANCE IN Bank of America - Unemp. Benefit 03751255062 $ 10,000.00
ENDING BALANCE IN Bank of America - Money Market 851018 $ 8,667,306.53
ENDING BALANCE IN Deustch Bank - S/T Investment $ 5,000,312.53
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 370,326.98
ENDING BALANCE IN First Union - Commercial Checking 2000003341528 $ 1,048.19
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
----------------
ENDING BALANCE IN ALL ACCOUNTS $ 18,680,103.85
================
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: May 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
4/24/2001 Orion Telecommunications (A/R) $ 69,062.00
4/24/2001 State of Florida (Refund) $ 7,266.55
4/24/2001 Peter Thomson (Cobra) $ 664.14
4/24/2001 Todd Allen (Cobra) $ 223.07
4/30/2001 Interest Received on Daily Sweep Activity $ 1,103.65
4/24 - 4/30/01 Daily Zero Balance Sweeps $ 483,230.62
4/24 - 4/30/01 Daily Zero Balance Sweeps $ 150.00
4/24 - 4/30/01 Daily Zero Balance Sweeps $ 2,400.70
5/3/2001 Thomas Bennett (Cobra) $ 223.07
5/3/2001 Evelyn Johnson (Cobra) $ 446.00
5/3/2001 Restor Telecom (A/R) $ 14,588.70
5/3/2001 US Assemblies (A/R) $ 139,493.11
5/3/2001 US Assemblies (A/R) $ 29,220.88
-------------
Total $ 748,072.49
Less: Receipts from or on behalf of Affiliates.
WA Telecom Products Co., Inc.
4/24/2001 Orion Telecommunications (A/R) $ 69,062.00
4/24/2001 State of Florida (Refund) $ 7,266.55
5/3/2001 Restor Telecom (A/R) $ 14,588.70
5/3/2001 US Assemblies (A/R) $ 139,493.11
5/3/2001 US Assemblies (A/R) $ 29,220.88
Facilicom
4/24 - 4/30/01 Daily Zero Balance Sweeps $ 2,400.70
WA Telecommunications Group
4/24 - 4/30/01 Daily Zero Balance Sweeps $ 150.00
WorldxChange
4/24 - 4/30/01 Daily Zero Balance Sweeps $ 483,230.62
-------------
$ 745,412.56
-------------
Total WAXS Receipts $ 2,659.93
=============
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: May 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: - Payroll Account
Account Number: 03299944407
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
5/25/2001 ADP - PR Tax Refund $ 100,730.44
-------------
Total WAXS Receipts $ 100,730.44
=============
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: May 31, 2001
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
5/31/2001 Interest Income $ 68,657.00
-----------
Total WAXS Receipts $ 68,657.00
===========
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: May 31, 2001
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
5/31/2001 Interest Income $ 518.19
--------
Total WAXS Receipts $ 518.19
========
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: May 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- ------
4/26/2001 WXC Wires $ 550,000.00
4/29/2001 FCI Wires $ 101,420.00
4/24 - 4/30/01 Daily Zero Balance Sweeps $ 93,770.61
4/24 - 4/30/01 Daily Zero Balance Sweeps $ 3,960.00
4/24 - 4/30/01 Daily Zero Balance Sweeps $ 762,075.62
5/3/2001 Bank Fee $ 30.00
5/9/2001 ADP - Payroll & Taxes $ 197,592.97
5/9/2001 ADP - Payroll & Taxes $ 637,731.08
5/9/2001 ADP - Payroll & Taxes $ 29,254.64
5/9/2001 ADP - Payroll & Taxes $ 138,994.37
5/11/2001 DeAna Mullins (Travel Reimbursement) $ 5,740.64
5/11/2001 Worldcom, Inc. $ 4,000,000.00
5/14/2001 Transfer to Commnet $ 7,500.00
5/16/2001 Worldcom, Inc. $ 1,000,000.00
5/22/2001 Bank Fee $ 622.52
5/22/2001 ADP - Payroll & Taxes $ 127,988.39
5/22/2001 ADP - Payroll & Taxes $ 62,195.33
5/22/2001 ADP - Payroll & Taxes $ 5,048.81
5/29/2001 Worldcom, Inc. $ 1,950,000.00
5/31/2001 Transfer to Facilicom $ 60,000.00
---------------
Total $ 9,733,924.98
===============
Less: Disbursements to or on behalf of Affiliates.
Facilicom
4/29/2001 FCI Wires $ 101,420.00
4/24 - 4/30/01 Daily Zero Balance Sweeps $ 762,075.62
5/9/2001 ADP - Payroll & Taxes $ 29,254.64
5/22/2001 ADP - Payroll & Taxes $ 62,195.33
5/31/2001 Transfer to Facilicom $ 60,000.00
WA Telecommunications Group
4/24 - 4/30/01 Daily Zero Balance Sweeps $ 3,960.00
5/11/2001 Worldcom, Inc. $ 4,000,000.00
5/14/2001 Transfer to Commnet $ 7,500.00
5/16/2001 Worldcom, Inc. $ 1,000,000.00
5/22/2001 ADP - Payroll & Taxes $ 5,048.81
5/29/2001 Worldcom, Inc. $ 1,950,000.00
NACT
4/24 - 4/30/01 Daily Zero Balance Sweeps $ 93,770.61
5/9/2001 ADP - Payroll & Taxes $ 197,592.97
WorldxChange
4/26/2001 WXC Wires $ 550,000.00
5/9/2001 ADP - Payroll & Taxes $ 637,731.08
---------------
$ 9,460,549.06
---------------
Total WAXS Disbursements $ 273,375.92
===============
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: May 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
5/4/2001 34362 DeAna Mullins (Travel Reimbursement) $ 4,747.44
5/4/2001 34363 Henry Lyon (Travel Reimbursement) $ 779.40
5/4/2001 34364 Mark Warner (Travel Reimbursement) $ 1,780.00
5/7/2001 34365 Central Parking (Parking Deck Slots) $ 1,567.50
5/7/2001 34366 Royal Office Products (Office Supplies) $ 266.43
5/7/2001 34367 Royal Cup Coffee (Break Room Supplies) $ 215.35
5/7/2001 34368 Total Office Products (Office Supplies) $ 112.03
5/7/2001 34369 UHEAA (Garnishment Payment) $ 95.76
5/7/2001 34370 United Healthcare (Health Insurance) $ 19,138.10
5/7/2001 34370 United Healthcare (Health Insurance) $ 3,651.65
5/7/2001 34370 United Healthcare (Health Insurance) $ 1,334.98
5/7/2001 34370 United Healthcare (Health Insurance) $ 3,843.14
5/11/2001 34371 Ascom Hasler Leasing (Postage Meter) $ 168.30
5/11/2001 34372 Walter Burmeister (Travel Reimbursement) $ 9,323.33
5/11/2001 34373 Dan Martin Flowers (Office Supplies) $ 116.92
5/11/2001 34374 Mark Hlavek (Travel Reimbursement) $ 186.74
5/11/2001 34375 MCI Worldcom (Telephone Expense) $ 479.27
5/11/2001 34376 Royal Cup Coffee (Break Room Supplies) $ 115.57
5/11/2001 34377 Sawnee EMC (Utilities - Electric) $ 2,078.73
5/14/2001 34378 Waste Management (Maintenance) $ 300.00
5/16/2001 Bank Fee $ 101.67
5/18/2001 34379 Tod Chmar (Travel Reimbursement) $ 3,923.75
5/18/2001 34380 Mark Hlavek (Travel Reimbursement) $ 3,781.34
5/18/2001 34381 DeAna Mullins (Travel Reimbursement) $ 857.22
5/18/2001 34382 Michele Wolf (Travel Reimbursement) $ 1,126.25
5/18/2001 34383 ADP (Payroll Processing) $ 449.17
5/18/2001 34384 Airborne Express (Express Mail) $ 136.89
5/18/2001 34385 Central Parking (Parking Deck Slots) $ 330.00
5/18/2001 34386 Lipsey Mountain Water (Break Room Supplies) $ 12.84
5/18/2001 34387 MCI Worldcom (Telephone Expense) $ 3,842.42
5/18/2001 34388 Velocity Express (Courier Services) $ 6.66
5/23/2001 34389 ADP (Payroll Processing) $ 940.50
5/23/2001 34390 American Express (Travel Expense) $ 1,453.40
5/23/2001 34391 BellSouth (Telephone Expense) $ 455.69
5/23/2001 34392 BellSouth (Telephone Expense) $ 2,751.02
5/23/2001 34393 Cauthen & Feldman (Legal) $ 1.12
5/23/2001 34394 Federal Express (Express Mail) $ 16.38
5/23/2001 34395 Henry Lyon (Travel Reimbursement) $ 862.84
5/23/2001 34396 MCI Worldcom (Telephone Expense) $ 29.00
5/23/2001 34397 MCI Worldcom (Telephone Expense) $ 43.48
5/23/2001 34398 MCI Worldcom (Telephone Expense) $ 556.97
5/23/2001 34399 Metlife Insurance (Life, Dental, AD&D Insurance) $ 2,099.22
5/23/2001 34399 Metlife Insurance (Life, Dental, AD&D Insurance) $ 9,258.95
5/23/2001 34399 Metlife Insurance (Life, Dental, AD&D Insurance) $ 226.35
5/23/2001 34399 Metlife Insurance (Life, Dental, AD&D Insurance) $ 283.83
5/23/2001 34399 Metlife Insurance (Life, Dental, AD&D Insurance) $ 951.90
5/23/2001 34399 Metlife Insurance (Life, Dental, AD&D Insurance) $ 135.32
5/23/2001 34400 Royal Cup Coffee (Break Room Supplies) $ 87.59
5/23/2001 34401 Total Office Products (Office Supplies) $ 179.79
5/23/2001 34402 Velocity Express (Courier Services) $ 7.46
5/23/2001 34403 Bryan Yokley (Travel Reimbursement) $ 1,105.66
--------------
Total $ 86,315.32
==============
OPERATING REPORT Page 7 Page 1 of 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: May 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
Less: Disbursements to or on behalf of Affiliates.
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
WA Telecom Products Co., Inc.
5/11/2001 34377 Sawnee EMC (Utilities - Electric) $ 2,078.73
5/14/2001 34378 Waste Management (Maintenance) $ 300.00
Facilicom
5/7/2001 34370 United Healthcare (Health Insurance) $ 3,843.14
5/23/2001 34399 Metlife Insurance (Life, Dental, AD&D Insurance) $ 951.90
WA Telecommunications Group
5/7/2001 34370 United Healthcare (Health Insurance) $ 1,334.98
5/23/2001 34399 Metlife Insurance (Life, Dental, AD&D Insurance) $ 226.35
5/23/2001 34399 Metlife Insurance (Life, Dental, AD&D Insurance) $ 283.83
5/23/2001 34399 Metlife Insurance (Life, Dental, AD&D Insurance) $ 135.32
NACT
5/7/2001 34369 UHEAA (Garnishment Payment) $ 95.76
5/23/2001 34399 Metlife Insurance (Life, Dental, AD&D Insurance) $ 9,258.95
WorldxChange
5/7/2001 34370 United Healthcare (Health Insurance) $ 3,651.65
--------------
$ 22,160.61
--------------
Total WAXS Disbursements $ 64,154.71
==============
OPERATING REPORT Page 7 Page 2 of 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: May 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
5/10/2001 Various Payroll Checks $ 19,480.05
5/10/2001 Various Payroll Checks $ 5,519.47
5/10/2001 Various Payroll Checks $ 1,238.89
5/11/2001 Various Payroll Checks $ 119,547.69
5/24/2001 Various Payroll Checks $ 14,903.67
5/24/2001 Various Payroll Checks $ 5,881.50
5/24/2001 Various Payroll Checks $ 3,974.42
5/25/2001 Various Payroll Checks $ 102,943.28
--------------
Total $ 273,488.97
Less: Disbursements to or on behalf of Parent or Affiliate.
Facilicom
5/24/2001 Various Payroll Checks $ 3,974.42
NACT
5/10/2001 Various Payroll Checks $ 19,480.05
5/24/2001 Various Payroll Checks $ 14,903.67
WorldxChange
5/10/2001 Various Payroll Checks - Adjustment Run $ 1,238.89
5/11/2001 Various Payroll Checks $ 119,547.69
5/25/2001 Various Payroll Checks $ 102,943.28
--------------
$ 262,088.00
--------------
Total WAXS Disbursements $ 11,400.97
==============
OPERATING REPORT Page 8
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: May 31, 2001
STATEMENT OF INVENTORY
Beginning Inventory $ --
Add: purchases $ --
Less: goods sold $ --
------------
Ending inventory $ --
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 278,383.73
Payroll taxes due but unpaid $ --
STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS
DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF
NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT
- ----------------------- -------------- --------------- ------------------- -------------------
Xerox Corporation Monthly $ 1,247.84 -- $ --
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: May 31, 2001
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
--------- ------------ -----
Beginning of month balance $ -- $ -- $ --
Add: sales on account $ -- $ -- $ --
Disbursements made on behalf of affiliate $ -- $ 8,817,491.44 $ 8,817,491.44
Cash advanced to affiliate $ -- $ 924,755.53 $ 924,755.53
Cash received by Parent or Affiliate $ -- $ -- $ --
Less: collections $ -- $ -- $ --
-------------- -------------- --------------
End of month balance $ -- $ 9,742,246.97 $ 9,742,246.97
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ -- $ -- $ -- $ -- $ --
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL
--------- ------------ -----
Beginning of month balance $ -- $ -- $ --
Add: sales on account $ 583,854.15 $ -- $ 583,854.15
Cash received on behalf of affiliate $ 259,631.24 $ 259,631.24
Cash received from affiliate $ 483,230.62 $ 483,230.62
Less: payments $ (348,931.60) $ -- $ (348,931.60)
-------------- -------------- --------------
End of month balance $ 234,922.55 $ 742,861.86 $ 977,784.41
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 234,922.55 $ -- $ -- $ -- $ 234,922.55
OPERATING REPORT Page 10
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For The Month Ending: May 31, 2001
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes incurred
after the filing of their Chapter 11 petition on an as due basis. Please
indicate whether the following post petition taxes or withholdings have been
paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid, the
amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
/s/ Henry C. Lyon
-------------------------------------
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT PAGE 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
AMENDED SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: June 30, 2001
BEGINNING BALANCE IN ALL ACCOUNTS $18,680,103.85
RECEIPTS:
1. Receipts from Operations
Other Receipts $ 64,798.23
Other Receipts (Received on behalf of Affiliates) $ 387,767.31
--------------
TOTAL RECEIPTS $ 452,565.54
DISBURSEMENTS
3. Net Payroll
a. Officers $ 209,766.34
b. Others $ 212,419.01
4. Taxes
a. Federal Income Taxes $ 137,670.12
b. FICA Withholdings $ 23,790.36
c. Employee's withholdings $ 89,843.03
d. Employer's FICA $ 23,790.29
e. Federal Unemployment Taxes $ 348.72
f. State Income Tax $ 34,826.96
g. State Employee withholdings $ 554.10
h. All other state taxes $ 2,517.23
5. Necessary Expenses
a. Rent or mortgage payment(s)
b. Utilities $ 22,624.52
c. Insurance $ 145,271.30
d. Merchandise bought for manufacture or sell
e. Other necessary expenses $ 4,588.62
Employee Expenses $ 17,237.37
Office Supplies & Expenses $ 4,757.22
Other $ 6,445.66
--------------
TOTAL DISBURSEMENTS $ 936,450.85
Add: Disbursements made on behalf of Affiliates $ 1,181,039.68
--------------
ADJUSTED TOTAL DISBURSEMENTS $ 2,117,490.53
--------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $(1,664,924.99)
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C $ (120,000.00)
NET INTERCOMPANY SWEEPS/TRANSFERS - NACT $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc. $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange $ 940,601.83
--------------
NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD $ 820,601.83
--------------
ENDING BALANCE IN Bank of America - Master 03751046297 $ 424,233.21
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 2,131,621.80
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 236,866.73
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 401,362.07
ENDING BALANCE IN Bank of America - Unemp. Benefit 03751255062 $ 9,800.57
ENDING BALANCE IN Bank of America - Money Market 851018 $ 7,896,241.91
ENDING BALANCE IN Deustch Bank - S/T Investment $ 5,026,436.02
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 370,788.39
ENDING BALANCE IN First Union - Commercial Checking 2000003341528 $ 106.04
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
--------------
ENDING BALANCE IN ALL ACCOUNTS $17,835,780.69
==============
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: June 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------------
6/1/2001 MONIQUE LUNG (COBRA) $ 664.14
6/1/2001 KATHRYN EISMAN (COBRA) $ 219.11
6/1/2001 KATHLEEN G. WINTERS (COBRA) $ 22.74
6/1/2001 MARK GERGEL (LAPTOP) $ 100.00
6/1/2001 TODD ALLEN (COBRA) $ 223.07
6/1/2001 MICHELLE MCCABE BIRDWELL (COBRA) $ 664.14
6/1/2001 MARK GERGEL (COBRA) $ 1,328.28
6/1/2001 MARTHA HERNANDEZ (COBRA) $ 225.00
6/1/2001 HARLD BJERKLEY (COBRA) $ 57.76
6/1/2001 FRANKLIN EDWARDS (COBRA) $ 223.07
6/1/2001 FRANKLIN EDWARDS (COBRA)) $ 223.07
6/1/2001 RAPID LINK (COBRA) $ 664.14
6/1/2001 ORION TELECOMMUNICATIONS (NOTE REC.) $ 69,062.00
6/1/2001 STATE OF CONNECTICUT (EMPLOYER P/R TAX REFUND) $ 64.01
6/1/2001 US TREASURY (EMPLOYER P/R TAX REFUND) $ 1.60
6/1/2001 US TREASURY (FED EXCISE TAX REFUND) $ 24.32
6/1/2001 US TREASURY (FED EXCISE TAX REFUND) $ 14.88
6/11/2001 AMERICAN TOWER CORP. (10% DOWN ON ASSETS) $ 150,000.00
6/21/2001 PROCEEDS FROM NEW ZEALAND SALE $ 61,380.00
6/25/2001 XFER IN FROM WXC $ 200,000.00
6/28/2001 PROCEEDS FROM NEW ZEALAND SALE $ 40,900.00
6/29/2001 KAISER PERMANENTE (DEPOSIT REFUND) $ 318.34
6/29/2001 RITA HIGHTOWER (COBRA) $ 223.07
6/29/2001 MONIQUE LUNG (COBRA) $ 664.14
6/29/2001 FEDERAL EXPRESS (OVERPAYMENT REFUND) $ 32.86
6/29/2001 MERRILL LYNCH (OVERPAYMENT REFUND) $ 140.48
6/29/2001 APRIZE SATELLITE (COBRA) $ 1,481.52
6/29/2001 APRIZE SATELLITE (COBRA) $ 493.84
6/29/2001 KAREN ZEITNER (POSTAGE) $ 20.97
6/29/2001 EVELYN JOHNSON (COBRA) $ 223.07
6/29/2001 DANIEL MENKEN (COBRA) $ 664.14
------------
Total $ 530,323.76
Less: Receipts from or on behalf of Parent or Affiliate
WA Telecom Products Co., Inc.
6/1/2001 ORION TELECOMMUNICATIONS (NOTE REC.) $ 69,062.00
Facilicom
6/11/2001 AMERICAN TOWER CORP. (10% DOWN ON ASSETS) $ 150,000.00
WA Telecommunications Group
6/1/2001 STATE OF CONNECTICUT (EMPLOYER P/R TAX REFUND) $ 64.01
6/1/2001 US TREASURY (EMPLOYER P/R TAX REFUND) $ 1.60
6/1/2001 US TREASURY (FED EXCISE TAX REFUND) $ 24.32
6/1/2001 US TREASURY (FED EXCISE TAX REFUND) $ 14.88
WorldxChange
6/21/2001 PROCEEDS FROM NEW ZEALAND SALE $ 61,380.00
6/25/2001 XFER IN FROM WXC $ 200,000.00
6/28/2001 PROCEEDS FROM NEW ZEALAND SALE $ 40,900.00
------------
$ 521,446.81
------------
Total WAXS Receipts $ 8,876.95
============
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: June 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: - Payroll Account
Account Number: 03299944407
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------------
6/1/2001 XFER IN FROM WXC $ 488,983.10
6/7/2001 XFER IN FROM WXC $ 25,347.14
6/19/2001 XFER IN FROM ADP $ 66,320.50
------------
Total $ 580,650.74
Less: Receipts from or on behalf of Parent or Affiliate
WorldxChange
6/1/2001 XFER IN FROM WXC $ 488,983.10
6/7/2001 XFER IN FROM WXC $ 25,347.14
NACT
6/19/2001 XFER IN FROM ADP $ 66,320.50
------------
$ 580,650.74
------------
Total WAXS Receipts $ -
============
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: June 30, 2001
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------------
6/29/2001 INTEREST RECEIVED $ 29,336.38
------------
Total WAXS Receipts $ 29,336.38
============
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: June 30, 2001
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------------
6/29/2001 INTEREST RECEIVED $ 461.41
------------
Total WAXS Receipts $ 461.41
============
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: June 30, 2001
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------------
6/29/2001 INTEREST RECEIVED $ 26,123.49
------------
Total WAXS Receipts $ 26,123.49
============
OPERATING REPORT Page 7
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- ------------
6/4/2001 MERRILL LYNCH (401K W/H) $ 52,774.17
6/4/2001 XFER TO FACILICOM $ 60,000.00
6/5/2001 BANK FEE $ 30.00
6/5/2001 XFER TO FACILICOM $ 60,000.00
6/8/2001 PAT AELVOET $ 7,437.71
6/25/2001 VERIZON (FOR WXC) $ 200,000.00
6/27/2001 MERRILL LYNCH (401K W/H) $ 37,068.86
------------
Total $ 417,310.74
============
Less: Disbursement to or on behalf of Affiliates
Facilicom
6/4/2001 XFER TO FACILICOM $ 60,000.00
6/5/2001 XFER TO FACILICOM $ 60,000.00
WorldxChange
6/8/2001 PAT AELVOET $ 7,437.71
6/25/2001 VERIZON (FOR WXC) $ 200,000.00
------------
$ 327,437.71
------------
Total WAXS Disbursements $ 89,873.03
============
OPERATING REPORT Page 8
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ----------
6/1/2001 34404 AIRBORNE EXPRESS $ 317.39
6/1/2001 34405 BOWNE OF ATLANTA $ 505.00
6/1/2001 34406 CENTRAL PARKING $ 990.00
6/1/2001 34407 TOD CHMAR $ 2,837.04
6/1/2001 34409 GEORGIA NATURAL $ 265.09
6/1/2001 34410 J. SMITH LANIER $30,640.41
6/1/2001 34411 MCI WORLDCOM CO $ 2,636.80
6/1/2001 34411 MCI WORLDCOM CO $ 23.53
6/1/2001 34412 MICHAEL MIES $ 2,836.07
6/1/2001 34413 DEANNA MULLINS $ 1,608.70
6/1/2001 34414 NORTH ATLANTA REALTY $28,021.26
6/1/2001 34415 TOTAL OFFICE PRODUCTS $ 55.01
6/5/2001 34416 NORTH ATLANTA REALTY $28,121.13
6/8/2001 34417 AIRBORNE EXPRESS $ 265.08
6/8/2001 34418 AVERT, INC $ 10.00
6/8/2001 34419 WALTER BURMEISTER $ 5,529.95
6/8/2001 34420 SUSAN CRISLER $ 2,596.67
6/8/2001 34421 MCI WORLDCOM CO $ 487.48
6/8/2001 34422 MET LIFE $ 1,825.21
6/8/2001 34422 MET LIFE $ 56.93
6/8/2001 34422 MET LIFE $ 9,258.95
6/8/2001 34422 MET LIFE $ 855.75
6/8/2001 34423 UHEAA $ 95.76
6/8/2001 34424 UNITED HEALTHCARE $14,892.68
6/8/2001 34424 UNITED HEALTHCARE $ 3,843.14
6/8/2001 34425 WASTE MANAGEMENT $ 77.05
6/12/2001 34426 CHRISTIAN GRANT $ 250.00
6/12/2001 34427 KEVIN MORAN $ 1,000.00
6/12/2001 34428 KAREN ZEITNER $ 175.00
6/13/2001 34429 KAMRAN SAEED $ 106.07
6/15/2001 34430 ADP $ 358.22
6/15/2001 34431 AIRBORNE EXPRESS $ 203.34
6/15/2001 34432 ASCOM HASLER $ 731.22
6/15/2001 34433 BORSEN-ZEITUNG $ 483.90
6/15/2001 34434 BOWNE OF ATLANTA $ 291.00
6/15/2001 34435 CONTINENTAL STOCK $ 730.55
6/15/2001 34436 FEDERAL EXPRESS $ 19.12
6/15/2001 34437 FRANKLIN CO CHILD SUPPORT $ 1,438.32
6/15/2001 34438 FRANCHISE TAX BOARD $ 427.94
6/15/2001 34439 IRS $ 100.00
6/15/2001 34440 LILIANA CHAVEZ $ 115.00
6/15/2001 34441 MCI WORLDCOM CO $ 238.53
6/15/2001 34442 DEANNA MULLINS $ 1,693.34
6/15/2001 34443 NEW JERSEY FAMILY $ 303.32
6/15/2001 34444 OFFICE OF THE DISTRICT $ 1,043.52
6/15/2001 34445 SAN BERNARDINO CHILD $ 844.00
6/15/2001 34446 TH BILLINGSLEA CH 13 $ 225.00
6/15/2001 34447 TOSHIBA EASY LEASE $ 57.11
6/15/2001 34448 VELOCITY EXPRESS $ 6.66
6/18/2001 34449 JUDCO MANAGEMENT $ 9,250.00
6/20/2001 34450 BELLSOUTH $ 455.69
6/20/2001 34451 BELLSOUTH $ 564.27
6/20/2001 34452 BUNDESANZEIGER $ 257.43
6/20/2001 34453 CONTINENTAL STOCK $ 225.01
6/20/2001 34454 FEDERAL EXPRESS $ 92.91
6/20/2001 34455 GE CAPITAL $ 612.83
6/20/2001 34456 IMPERIAL BUSINESS $ 546.02
OPERATING REPORT Page 9 1 of 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- -----------
6/20/2001 34457 J. SMITH LANIER $ 90,000.00
6/20/2001 34458 MCI WORLDCOM CO $ 51.43
6/20/2001 34459 MCI WORLDCOM CO $ 316.40
6/20/2001 34460 MCI WORLDCOM CO $ 10,647.15
6/20/2001 34460 MCI WORLDCOM CO $ 3,943.51
6/20/2001 34461 VELOCITY EXPRESS $ 13.32
6/27/2001 34462 NCCI INC $ 7,913.00
6/27/2001 34463 RANDSTAD NORTH $ 192.00
6/27/2001 34464 THOMPSON LIFT $ 549.98
6/29/2001 34465 AIRBORNE EXPRESS $ 325.51
6/29/2001 34466 ROBERT CARRABIS $ 500.00
6/29/2001 34467 CENTRAL PARKING $ 935.00
6/29/2001 34468 IBM CORPORATION $ 40,000.00
6/29/2001 34469 MCI WORLDCOM CO $ 2,994.64
6/29/2001 34470 DEANNA MULLINS $ 1,201.20
6/29/2001 34471 UHEAA $ 95.76
6/29/2001 34472 VELOCITY EXPRESS $ 6.66
6/29/2001 34473 ANN WALLACE $ 2,298.82
-----------
Total $323,481.78
Less: Disbursement to or on behalf of Parent or Affiliate
WA Telecom Products Co., Inc.
6/1/2001 34414 NORTH ATLANTA REALTY $ 28,021.26
6/5/2001 34416 NORTH ATLANTA REALTY $ 28,121.13
6/8/2001 34425 WASTE MANAGEMENT $ 77.05
6/15/2001 34447 TOSHIBA EASY LEASE $ 57.11
6/20/2001 34455 GE CAPITAL $ 612.83
6/20/2001 34456 IMPERIAL BUSINESS $ 546.02
6/27/2001 34463 RANDSTAD NORTH $ 192.00
6/27/2001 34464 THOMPSON LIFT $ 549.98
Facilicom
6/8/2001 34420 SUSAN CRISLER $ 2,596.67
6/8/2001 34422 MET LIFE $ 855.75
6/8/2001 34424 UNITED HEALTHCARE $ 3,843.14
6/18/2001 34449 JUDCO MANAGEMENT $ 9,250.00
WA Telecommunications Group
6/8/2001 34422 MET LIFE $ 56.93
NACT
6/8/2001 34422 MET LIFE $ 9,258.95
WorldxChange
6/29/2001 34466 ROBERT CARRABIS $ 500.00
6/29/2001 34468 IBM CORPORATION $ 40,000.00
-----------
$124,538.82
-----------
Total WAXS Disbursements $198,942.96
===========
OPERATING REPORT Page 10 2 of 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- -------------
6/1/2001 Various 6/1/01 WXC Payroll Checks $ 488,983.10
6/8/2001 Various 6/8/01 WXC Payroll Checks $ 25,347.14
6/11/2001 Various 6/11/01 WXC Payroll Checks $ 47,570.13
6/7/2001 Various 6/7/01 NACT Payroll Checks $ 16,066.03
6/21/2001 Various 6/21/01 NACT Payroll Checks $ 16,338.54
6/7/2001 Various 6/7/01 Corp Payroll Checks $ 101,212.50
6/11/2001 Various 6/11/01 Corp Payroll Checks $ 156,432.45
6/21/2001 Various 6/21/01 Corp Payroll Checks $ 164,540.40
-------------
Total $1,016,490.29
Less: Disbursement to or on behalf of Parent or Affiliate
NACT
6/7/2001 Various 6/7/01 NACT Payroll Checks $ 16,066.03
6/21/2001 Various 6/21/01 NACT Payroll Checks $ 16,338.54
WorldxChange
6/1/2001 Various 6/1/01 WXC Payroll Checks $ 488,983.10
6/8/2001 Various 6/8/01 WXC Payroll Checks $ 25,347.14
6/11/2001 Various 6/11/01 WXC Payroll Checks $ 47,570.13
-------------
$ 594,304.94
-------------
Total WAXS Disbursements $ 422,185.35
=============
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- ------------
6/1/2001 ADP (PROCESSING FEES) $ 313.32
6/1/2001 ADP - PAYROLL TAXES $ 215,717.62
6/7/2001 ADP - PAYROLL TAXES $ 10,563.84
6/7/2001 ADP - PAYROLL TAXES $ 57,729.16
6/8/2001 ADP (PROCESSING FEES) $ 238.00
6/11/2001 ADP - PAYROLL TAXES $ 91,820.88
6/11/2001 ADP - PAYROLL TAXES $ 27,534.60
6/15/2001 ADP (PROCESSING FEES) $ 254.24
6/20/2001 ADP - PAYROLL TAXES $ 73,947.74
6/22/2001 ADP (PROCESSING FEES) $ 115.52
6/29/2001 ADP (PROCESSING FEES) $ 250.22
------------
Total $ 478,485.14
Less: Disbursement to or on behalf of Parent or Affiliate
WorldxChange
6/1/2001 ADP - PAYROLL TAXES $ 215,717.62
6/7/2001 ADP - PAYROLL TAXES $ 10,563.84
6/11/2001 ADP - PAYROLL TAXES $ 27,534.60
------------
$ 253,816.06
------------
Total WAXS Disbursements $ 224,669.08
============
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Unemployment Benefit Plan and Trust
Account Number: 03751255062
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ----------
6/7/2001 1639 Allan Graf $ 199.43
----------
Total WAXS Disbursements $ 199.43
==========
OPERATING REPORT Page 13
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Flexible Spending
Account Number: 03751039615
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ----------
6/1/2001 CBA FUND $ 581.00
----------
Total WAXS Disbursements $ 581.00
==========
OPERATING REPORT Page 14
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 2001
Bank: First Union
Location: Delaware
Account Name: World Access Investment Corp
Account Number: 2000003341528
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- ------------
6/1/2001 Griffin Corp Fees $ 462.14
6/11/2001 Bank Fees $ 24.51
6/29/2001 Griffin Corp Fees $ 455.50
------------
$ 942.15
Less: Disbursements made to or on behalf of Affiliates.
WA Telecom Products Co., Inc.
6/1/2001 Griffin Corp Fees $ 462.14
6/11/2001 Bank Fees $ 24.51
6/29/2001 Griffin Corp Fees $ 455.50
------------
$ 942.15
------------
Total WAXS Disbursements $ -
============
OPERATING REPORT Page 15
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: June 30, 2001
STATEMENT OF INVENTORY
Beginning Inventory $ --
Add: purchases $ --
Less: goods sold $ --
--------------
Ending inventory $ --
==============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 735,526.16
Payroll taxes due but unpaid $ --
STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS
DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF
NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT
----------------------- -------------- ---------------- -------------------- -------------------
Xerox Corporation Monthly $ 1,247.84 1 $ 1,247.84
OPERATING REPORT Page 16
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: June 30, 2001
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
- ------------------- -------------- -------------- --------------
Beginning of month balance $ 9,742,246.97 $ 9,742,246.97
Add: Sales on account $ --
Disbursements made on behalf of Affiliates $ 1,181,039.68 $ 1,181,039.68
Cash advanced to affiliate $ 120,000.00 $ 120,000.00
Cash received by Affiliate $ --
Less: Collections $ --
-------------- -------------- --------------
End of month balance $ -- $11,043,286.65 $11,043,286.65
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ - $ - $ - $ - $ -
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
- ------------------- -------------- ------------- --------------
Beginning of month balance $ 234,922.55 $ 742,861.86 $ 977,784.41
Add: sales on account $ 1,274,256.24 $ - $ 1,274,256.24
Cash received on behalf of affiliate $ - $ 387,767.31 $ 387,767.31
Cash received from affiliate $ - $ 940,601.83 $ 940,601.83
Less: payments $ (936,450.85) $ - $ (936,450.85)
-------------- ------------- --------------
End of month balance $ 572,727.94 $2,071,231.00 $ 2,643,958.94
============== ============= ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 380,520.43 $ 192,207.51 $ - $ - $ 572,727.94
OPERATING REPORT Page 17
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: June 30, 2001
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 18
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
/s/ Henry C. Lyon
------------------------------------------
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 19
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
AMENDED SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: July 31, 2001
BEGINNING BALANCE IN ALL ACCOUNTS $17,835,780.69
RECEIPTS:
1. Receipts from Operations
2. Other Receipts $ 43,581.47
Other Receipts (Received on behalf of Affiliates) $14,833,114.25
--------------
TOTAL RECEIPTS $14,876,695.72
DISBURSEMENTS
3. Net Payroll
a. Officers $ 139,116.78
b. Others $ 140,677.38
4. Taxes
a. Federal Income Taxes $ 125,366.77
b. FICA Withholdings $ 22,029.69
c. Employee's withholdings $ 8,630.87
d. Employer's FICA $ 22,029.75
e. Federal Unemployment Taxes $ 219.25
f. State Income Tax $ 27,723.82
g. State Employee withholdings $ 915.55
h. All other state taxes $ 1,315.59
5. Necessary Expenses
a. Rent or mortgage payment(s) $ --
b. Utilities $ 17,817.81
c. Insurance $ 93,803.27
d. Merchandise bought for manufacture or sell $ --
e. Other necessary expenses $ --
Employee Expenses $ 16,417.79
Office Supplies & Expenses $ 4,252.81
Other $ 1,217.91
--------------
TOTAL DISBURSEMENTS $ 621,535.04
Add: Disbursements made on behalf of Affiliates $ 291,826.92
--------------
ADJUSTED TOTAL DISBURSEMENTS $ 913,361.96
--------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $13,963,333.76
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - NACT $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc. $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange $ --
--------------
NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD $ --
--------------
ENDING BALANCE IN Bank of America - Master 03751046297 $15,149,053.16
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 1,806,934.16
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ (42,927.43)
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 201,300.13
ENDING BALANCE IN Bank of America - Unemp. Benefit 03751255062 $ 9,800.57
ENDING BALANCE IN Bank of America - Money Market 851018 $ 7,922,528.70
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,042,941.91
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 371,210.61
ENDING BALANCE IN First Union - Commercial Checking 2000003341528 $ (51.31)
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
--------------
ENDING BALANCE IN ALL ACCOUNTS $31,799,114.45
==============
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: July 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
7/6/2001 LOCKBOX DEPOSIT CREDIT (NOT OURS - BOA TO DEBIT AUG) $ 24,506.55
7/6/2001 BLUE SKY INT'L (GUATEMALA SALE PROCEEDS) $ 525,000.00
7/9/2001 MARTHA HERNANDEZ (COBRA) $ 223.07
7/9/2001 ORION TELECOMMUNCATIONS (RECEIVABLE) $ 69,062.00
7/9/2001 RESTOR TELECOM INC (RECEIVABLE) $ 14,588.70
7/9/2001 MERRILL LYNCH (REFUND) $ 61.00
7/9/2001 KAREN ZEITNER (PURCHASE COMPUTER) $ 82.50
7/17/2001 ENIAP CORPORATION $ 9,787.00
7/27/2001 VERSO TECHNOLOGIES (NACT SALE PROCEEDS) $13,958,508.01
7/27/2001 SBT CORP TRUST WIRE (NACT SALE PROCEEDS) $ 201,661.99
7/31/2001 SHAWN ANDERSON SCHOFIELD (NET NET GERMANY SALE) $ 30,000.00
--------------
Total $14,833,480.82
Less: Receipts from or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
7/6/2001 LOCKBOX DEPOSIT CREDIT (NOT OURS - BOA TO DEBIT AUG) $ 24,506.55
7/9/2001 ORION TELECOMMUNCATIONS (RECEIVABLE) $ 69,062.00
7/9/2001 RESTOR TELECOM INC (RECEIVABLE) $ 14,588.70
7/27/2001 VERSO TECHNOLOGIES (NACT SALE PROCEEDS) $13,958,508.01
7/27/2001 SBT CORP TRUST WIRE (NACT SALE PROCEEDS) $ 201,661.99
WA Telecommunications Group
7/31/2001 SHAWN ANDERSON SCHOFIELD (NET NET GERMANY SALE) $ 30,000.00
WorldxChange
7/6/2001 BLUE SKY INT'L (GUATEMALA SALE PROCEEDS) $ 525,000.00
7/17/2001 ENIAP CORPORATION $ 9,787.00
--------------
$14,833,114.25
--------------
Total WAXS Receipts $ 366.57
==============
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: July 31, 2001
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
7/31/2001 Interest Received $26,286.79
----------
Total WAXS Receipts $26,286.79
==========
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: July 31, 2001
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
7/31/2001 Interest Received $422.22
-------
Total WAXS Receipts $422.22
=======
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: July 31, 2001
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
7/1/2001 Interest Received $16,505.89
----------
Total WAXS Receipts $16,505.89
==========
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: July 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- ------
7/3/2001 UMS - Bank Fee $ 30.00
7/30/2001 MERRILL LYNCH (401K) $ 8,630.87
7/31/2001 SIEMENS (ON BEHALF OF WXC) $100,000.00
-----------
Total $108,660.87
Less: Disbursements made to or on behalf of Parent or Affiliates.
WorldxChange
7/31/2001 SIEMENS (ON BEHALF OF WXC) $100,000.00
-----------
$100,000.00
-----------
Total WAXS Disbursements $ 8,660.87
===========
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: July 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
7/3/2001 34474 WALL STREET JOURNAL $ 7,337.12
7/5/2001 34475 CURRIE/SAMUELSON $ 62,908.54
7/5/2001 34476 NORTH ATLANTA REALTY $ 28,046.00
7/6/2001 34477 AMC GLOBAL COMM $ 278.00
7/6/2001 34478 BOWNE OF ATLANTA $ 602.00
7/6/2001 34479 TOD CHMAR $ 880.50
7/6/2001 34480 IBM CORPORATION $ 71,738.20
7/6/2001 34481 PETTY CASH $ 185.75
7/6/2001 34482 KAMRAN SAEED $ 63.00
7/6/2001 34483 UNITED HEALTHCARE $ 11,371.24
7/6/2001 34483 UNITED HEALTHCARE $ (190.39)
7/6/2001 34483 UNITED HEALTHCARE $ (2,502.87)
7/6/2001 34483 UNITED HEALTHCARE $ (3,820.68)
7/11/2001 34484 ADP $ 6,126.17
7/11/2001 34485 BANK OF AMERICA $ 6.00
7/11/2001 34486 STATE COMPENSATION $ 1,996.00
7/13/2001 34487 AIRBORNE EXPRESS $ 286.76
7/13/2001 34488 BOWNE OF ATLANTA $ 245.00
7/13/2001 34489 COLEMAN TECHNOGY $ 150.00
7/13/2001 34490 JUDCO MANAGEMENT $ 9,250.00
7/13/2001 34491 MCI WORLDCOM CO $ 487.48
7/13/2001 34492 METROPOLITAN LIFE $ 1,041.15
7/13/2001 34492 METROPOLITAN LIFE $ 8,922.78
7/13/2001 34492 METROPOLITAN LIFE $ 542.13
7/13/2001 34492 METROPOLITAN LIFE $ 61.83
7/13/2001 34492 METROPOLITAN LIFE $ 1,475.63
7/13/2001 34493 DEANA MULLINS $ 886.36
7/13/2001 34494 VELOCITY EXPRESS $ 6.66
7/13/2001 34495 MARK WARNER $ 3,711.48
7/13/2001 34496 WASTE MANAGEMENT $ 213.59
7/19/2001 34498 AIRBORNE EXPRESS $ 505.65
7/19/2001 34499 BELLSOUTH $ 2,230.16
7/19/2001 34500 WALTER BURMEISTER $ 10,876.45
7/19/2001 34501 FEDERAL EXPRESS $ 16.38
7/19/2001 34502 FRANTFURTER ALLGEMEINE $ 550.83
7/19/2001 34503 J. SMITH LANIER $ 80,956.40
7/19/2001 34504 MCI WORLDCOM CO $ 14,590.64
7/19/2001 34505 PRINCIPAL LIFE $ 10.00
7/19/2001 34506 ROYAL CUP COFFEE $ 119.59
7/19/2001 34507 VELOCITY EXPRESS $ 6.39
7/26/2001 34508 ADP $ 70.00
7/26/2001 34509 AIRBORNE EXPRESS $ 545.02
7/26/2001 34510 BELLSOUTH $ 457.55
7/26/2001 34511 CENTRAL PARKING $ 990.00
7/26/2001 34512 FEDERAL EXPRESS $ 19.12
7/26/2001 34513 MCI WORLDCOM CO $ 51.98
7/26/2001 34514 VELOCITY EXPRESS $ 32.97
7/26/2001 34515 WORLD INVESTOR $ 353.08
------------
Total $ 324,687.64
============
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
7/5/2001 34476 NORTH ATLANTA REALTY $ 28,046.00
7/13/2001 34496 WASTE MANAGEMENT $ 213.59
Facilicom
7/6/2001 34483 UNITED HEALTHCARE $ (3,820.68)
7/13/2001 34490 JUDCO MANAGEMENT $ 9,250.00
7/13/2001 34492 METROPOLITAN LIFE $ 542.13
WA Telecommunications Group
7/6/2001 34483 UNITED HEALTHCARE $ (190.39)
7/13/2001 34492 METROPOLITAN LIFE $ 61.83
NACT
7/3/2001 34474 WALL STREET JOURNAL $ 7,337.12
7/13/2001 34492 METROPOLITAN LIFE $ 8,922.78
OPERATING REPORT Page 7 1 of 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: July 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
WorldxChange
7/5/2001 34475 CURRIE/SAMUELSON $ 62,908.54
7/6/2001 34480 IBM CORPORATION $ 71,738.20
7/6/2001 34483 UNITED HEALTHCARE $ (2,502.87)
7/11/2001 34484 ADP $ 6,126.17
7/11/2001 34486 STATE COMPENSATION $ 1,996.00
7/13/2001 34492 METROPOLITAN LIFE $ 1,041.15
------------
$ 191,669.57
------------
Total WAXS Disbursements $ 133,018.07
============
OPERATING REPORT Page 7 2 of 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: July 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
7/5/2001 451 - 492 Payroll Checks $175,894.68
7/19/2001 493 - 528 Payroll Checks $ 97,638.66
7/19/2001 3968 - 3971 Payroll Checks $ 6,260.82
-----------
Total WAXS Disbursements $279,794.16
===========
OPERATING REPORT Page 8
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
--------------------
For the Month Ending: July 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- ------
7/2/2001 ADP - Payroll Taxes $ 88,208.88
7/6/2001 ADP - Processing Fees $ 56.00
7/13/2001 ADP - Processing Fees $ 153.74
7/18/2001 ADP - Payroll Taxes $ 45,486.62
7/27/2001 ADP - Processing Fees $ 251.78
7/30/2001 ADP - Payroll Taxes $ 65,904.92
-----------
Total WAXS Disbursements $200,061.94
===========
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: July 31, 2001
Bank: First Union
Location: Delaware
Account Name: World Access Investment Corp
Account Number: 2000003341528
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- ------
7/11/2001 Bank Fees $ 24.60
7/12/2001 IRS - Misc. Delaware Trust Tax Payment $ 8.00
7/30/2001 Griffin Corp. - Misc. Delaware Trust Tax Payment $ 17.25
7/31/2001 Overdraft Fee $ 31.00
7/31/2001 IRS - Misc. Delaware Trust Tax Payment $ 76.50
-------
Total $157.35
Less: Disbursements made on behalf of Affiliate
7/11/2001 Bank Fees $ 24.60
7/12/2001 IRS - Misc. Delaware Trust Tax Payment $ 8.00
7/30/2001 Griffin Corp. - Misc. Delaware Trust Tax Payment $ 17.25
7/31/2001 Overdraft Fee $ 31.00
7/31/2001 IRS - Misc. Delaware Trust Tax Payment $ 76.50
-------
Total $157.35
-------
Total WAXS Disbursements $ --
=======
OPERATING REPORT Page 10
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: July 31, 2001
STATEMENT OF INVENTORY
Beginning Inventory $ --
Add: purchases $ --
Less: goods sold $ --
-----------
Ending inventory $ --
===========
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $488,025.45
Payroll taxes due but unpaid $ --
STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS
DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF
NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT
- ----------------------- -------------- --------------- ------------------- --------------------
Xerox Corporation Monthly $1,247.84 2 $2,495.68
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: July 31, 2001
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
---------------------------------------------------------
Beginning of month balance $ -- $11,043,286.65 $11,043,286.65
Add: sales on account $ -- $ -- $ --
expenses paid for affiliate $ -- $ 291,826.92 $ 291,826.92
cash advanced to affiliate $ -- $ -- $ --
Less: collections $ -- $ -- $ --
Write-off due to sale of affiliate $ -- $ (393,025.43) $ (393,025.43)
---------------------------------------------------------
End of month balance $ -- $10,942,088.14 $10,942,088.14
=========================================================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$-- $-- $-- $-- $--
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL
---------------------------------------------------------
Beginning of month balance $ 572,727.94 $ 2,071,231.00 $ 2,643,958.94
Add: sales on account $1,148,941.08 $ -- $ 1,148,941.08
Cash received on behalf of Affiliate $ -- $14,833,114.25 $14,833,114.25
Cash received from Affiliate $ -- $ -- $ --
Less: payments $ (621,535.04) $ -- $ (621,535.04)
Write-off due to sale of affiliate $ -- $ (66,320.50) $ (66,320.50)
---------------------------------------------------------
End of month balance $1,100,133.98 $16,838,024.75 $17,938,158.73
=========================================================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$536,517.61 $371,408.86 $192,207.51 $-- $1,100,133.98
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: July 31, 2001
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 13
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
/s/ Henry C. Lyon
----------------------------
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 14
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: August 31, 2001
BEGINNING BALANCE IN ALL ACCOUNTS $31,799,114.45
RECEIPTS:
1. Receipts from Operations $ --
2. Other Receipts $ 344,004.55
Other Receipts (Received from or on behalf of Affiliates) $ 1,247,371.31
--------------
TOTAL RECEIPTS $ 1,591,375.86
DISBURSEMENTS
3. Net Payroll
a. Officers $ 95,536.65
b. Others $ 221,074.34
4. Taxes
a. Federal Income Taxes $ 46,052.94
b. FICA Withholdings $ 7,365.83
c. Employee's withholdings $ --
d. Employer's FICA $ 7,365.85
e. Federal Unemployment Taxes $ 64.51
f. State Income Tax $ 10,417.70
g. State Employee withholdings $ 478.47
h. All other state taxes $ 282.25
5. Necessary Expenses
a. Rent or mortgage payment(s) $ --
b. Utilities $ 16,633.82
c. Insurance $ 21,883.00
d. Merchandise bought for manufacture or sell $ --
e. Other necessary expenses $ --
Employee Expenses $ 23,403.31
Office Supplies & Expenses $ 11,734.32
Other $ 25,500.28
--------------
TOTAL DISBURSEMENTS $ 487,793.27
Add: Disbursements made on behalf of Affiliates $ 231,183.88
--------------
ADJUSTED TOTAL DISBURSEMENTS $ 718,977.15
--------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 872,398.71
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C $ (150,000.00)
NET INTERCOMPANY SWEEPS/TRANSFERS - NACT $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc. $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange $ (637,067.00)
--------------
NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD $ (787,067.00)
--------------
ENDING BALANCE IN Bank of America - Master 03751046297 $ 1,576,797.84
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 1,503,446.80
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ (77,538.42)
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 128,709.49
ENDING BALANCE IN Bank of America - Unemp. Benefit 03751255062 $ 9,800.57
ENDING BALANCE IN Bank of America - Flex Spending 03751039615 $ 2,131.71
ENDING BALANCE IN Bank of America - Money Market 851018 $21,972,360.31
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,058,792.82
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 371,621.09
ENDING BALANCE IN First Union - Commercial Checking 2000003341528 $ --
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
--------------
ENDING BALANCE IN ALL ACCOUNTS $31,884,446.16
==============
OPERATING REPORT Page 1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: August 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- -------------
8/2/2001 SOLEDAN OY (FCI FINLAND) $ 299,980.00
8/3/2001 PRIMETEC UK LIMITED $ 21,510.00
8/6/2001 NET NET EUROPE $ 167,982.00
8/9/2001 RAYMOND LUNG (COBRA) $ 664.14
8/9/2001 MIKE GILES (MISC. OFFICE) $ 50.00
8/9/2001 KATHLEEN WINTERS (COBRA) $ 22.74
8/9/2001 ROBINSON-HUMPHREY CO. (REFUND) $ 160.15
8/9/2001 RAPID LINK USA (COBRA) $ 1,328.28
8/9/2001 THE HARTFORD (INSURANCE CLAIM PAYOUT FROM 1999) $ 81,425.00
8/9/2001 HAROLD BJERKLEY (COBRA) $ 57.76
8/9/2001 DANIEL MENKEN (COBRA) $ 664.14
8/9/2001 KATHLEEN WINTERS (COBRA) $ 22.74
8/9/2001 S. FRANKLIN EDWARDS (COBRA) $ 223.07
8/9/2001 S. FRANKLIN EDWARDS (COBRA) $ 223.07
8/9/2001 RAYMOND LUNG (COBRA) $ 664.14
8/9/2001 MICHELE WOLF (COBRA) $ 223.07
8/9/2001 FORREST COLLINS (COMPUTER) $ 100.00
8/9/2001 DEANA MULLINS-GUDINO (LAPTOP & PRINTER) $ 125.00
8/9/2001 MIKE GILES (COMPUTER) $ 100.00
8/9/2001 RITA HIGHTOWER (COBRA) $ 223.07
8/9/2001 MARTHA HERNANDEZ (COBRA) $ 223.07
8/9/2001 APRIZE SATELLITE, INC. (COBRA) $ 493.84
8/24/2001 THOMAS COOK (PROCEEDS FROM GOLDMAN SACHS) $ 1,426.27
8/28/2001 AMERICAN TOWER CORP. (PROCEEDS FROM FCI ASSETS) $ 947,340.00
-------------
Total $1,525,231.55
-------------
Less: Receipts from or on behalf of Parent or Affiliates
Facilicom
8/2/2001 SOLEDAN OY (FCI FINLAND) $ 299,980.00
8/28/2001 AMERICAN TOWER CORP. (PROCEEDS FROM FCI ASSETS) $ 947,340.00
-------------
$1,247,320.00
-------------
Total WAXS Receipts $ 277,911.55
=============
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: August 31, 2001
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- -------
8/31/2001 Interest Income $410.48
-------
Total WAXS Receipts $410.48
=======
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: August 31, 2001
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ----------
8/31/2001 Interest Income $49,831.61
----------
Total WAXS Receipts $49,831.61
==========
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: August 31, 2001
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ----------
8/1/2001 Interest Income $15,850.91
----------
Total WAXS Receipts $15,850.91
==========
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: August 31, 2001
Bank: First Union
Location: Delaware
Account Name: World Access Investment Corp
Account Number: 2000003341528
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
8/2/2001 Bank Fee Refund $51.31
------
Total $51.31
Less: Disbursements to or on behalf of Affiliates
WA Telecom Products Co., Inc.
8/2/2001 Bank Fee Refund $51.31
------
Total $51.31
------
Total WAXS Receipts $ --
======
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: August 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- ------------
8/3/2001 BANK FEE $ 30.00
8/7/2001 CMRS ASCOM (POSTAGE) $ 500.00
8/14/2001 XFER GUATEMALA SALE PROCEEDS $ 525,000.00
8/14/2001 XFER NEW ZEALAND SALE PROCEEDS $ 112,067.00
8/14/2001 XFER AMER. TOWER PROCEEDS $ 150,000.00
8/15/2001 111 CHELSEA LLC (A/C REPAIR ON FCI SWITCH SITE) 883.32
8/28/2001 LOCKBOX ADJUSTMENT FOR ERRONEOUS DEPOSIT $ 24,506.55
------------
Total $ 812,986.87
Less: Disbursements made to or on behalf of Parent or Affiliates
WA Telecom Products Co., Inc.
8/28/2001 LOCKBOX ADJUSTMENT FOR ERRONEOUS DEPOSIT $ 24,506.55
Facilicom
8/14/2001 XFER AMER. TOWER PROCEEDS $ 150,000.00
8/15/2001 111 CHELSEA LLC (A/C REPAIR ON FCI SWITCH SITE) 883.32
WorldxChange
8/14/2001 XFER GUATEMALA SALE PROCEEDS $ 525,000.00
8/14/2001 XFER NEW ZEALAND SALE PROCEEDS $ 112,067.00
------------
$ 812,456.87
------------
Total WAXS Disbursements $ 530.00
============
OPERATING REPORT Page 7
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: August 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- -----------
8/3/2001 34516 ADP (PAYROLL PROCESSING) $ 622.35
8/3/2001 34517 AIRBORNE EXPRESS (SHIPPING) $ 574.62
8/3/2001 34518 ATLANTA-JOURNAL CONSTITUTION (PAPER) $ 38.25
8/3/2001 34519 CURRIE/SAMUELSON (WXC RENT) $ 20,000.00
8/3/2001 34520 MARK HLAVEK (TRAVEL) $ 621.75
8/3/2001 34521 IBM CORPORATION (AS400 LEASE) $ 56,288.46
8/3/2001 34522 MCI WORLDCOM (TELEPHONE) $ 3,679.89
8/3/2001 34523 NORTH ATLANTA REALTY (ATLANTA RENT) $ 28,021.13
8/3/2001 34524 ROYAL CUP COFFEE (BREAK ROOM) $ 133.41
8/3/2001 34525 VELOCITY EXPRESS (SHIPPING) $ 20.78
8/3/2001 34526 MARK WARNER (TRAVEL) $ 1,494.46
8/3/2001 34527 BRYAN YOKLEY (TRAVEL) $ 2,618.00
8/10/2001 34528 AIRBORNE EXPRESS (SHIPPING) $ 875.78
8/10/2001 34529 AVERT, INC (HR EXPENSE) $ 10.00
8/10/2001 34530 BORSEN-ZEITUNG (TRANSLATION) $ 599.08
8/10/2001 34532 DAN MARTIN FLOWERS (EMPLOYEE) $ 116.92
8/10/2001 34533 LAKSHMI AVIATION (FEES) $ 10,000.00
8/10/2001 34534 MCI WORLDCOM (TELEPHONE) $ 487.48
8/10/2001 34535 MERRILL LYNCH (401K ADMINISTRATION) $ 4,797.35
8/10/2001 34536 METLIFE INSURANCE (LIFE INSURANCE) $ 10,016.89
8/10/2001 34536 METLIFE INSURANCE (LIFE INSURANCE) $ 61.83
8/10/2001 34536 METLIFE INSURANCE (LIFE INSURANCE) $ 480.29
8/10/2001 34536 METLIFE INSURANCE (LIFE INSURANCE) $ 1,041.15
8/10/2001 34541 UNITED HEALTHCARE (HEALTH INSURANCE) $ 11,866.11
8/10/2001 34541 UNITED HEALTHCARE (HEALTH INSURANCE) $ 6,686.54
8/10/2001 34542 VELOCITY EXPRESS (SHIPPING) $ 19.71
8/10/2001 34543 WASTE MANAGEMENT (DUMPSTER RENT) $ 294.02
8/17/2001 34557 AT&T WIRELESS (TELEPHONE) $ 386.35
8/17/2001 34558 COLEMAN TECHNOLOGY (INTERNET LICENSE) $ 50.00
8/17/2001 34559 FEDERAL EXPRESS (SHIPPING) $ 16.38
8/17/2001 34560 GE CAPITAL (COPIER LEASE) $ 1,151.44
8/17/2001 34561 LAKSHMI AVIATION (FEES) $ 10,000.00
8/17/2001 34562 MIKE MIES (TRAVEL) $ 275.50
8/17/2001 34563 ROYAL CUP COFFEE (BREAK ROOM) $ 111.17
8/17/2001 34564 U.S. TRUSTEE (TRUSTEE FEES) $ 3,750.00
8/17/2001 34565 MARK WARNER (TRAVEL) $ 1,075.16
8/24/2001 34566 AIRBORNE EXPRESS (SHIPPING) $ 229.21
8/24/2001 34567 ASCOM HASLER (POSTAGE METER LEASE) $ 181.15
8/24/2001 34568 WALTER BURMEISTER (TRAVEL) $ 1,055.27
8/24/2001 34569 LIBERTY MUTUAL (W/C INSURANCE) $ 2,463.00
8/24/2001 34570 DEANA MULLINS (TRAVEL) $ 1,157.63
OPERATING REPORT Page 8 1 of 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: August 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- -----------
8/24/2001 34571 PHILPOT RELOCATION (RECORD STORAGE) $ 6,370.00
8/29/2001 34572 APTO SOLUTIONS (COMMISSION) $ 80,500.00
8/30/2001 34574 CHRIS GRANT (TRAVEL) $ 1,755.36
8/31/2001 34575 AIRBORNE EXPRESS (SHIPPING) $ 203.96
8/31/2001 34576 BELLSOUTH (TELEPHONE) $ 1,932.96
8/31/2001 34577 CONTINENTAL STOCK (MONTHLY SERV.) $ 759.57
8/31/2001 34578 FEDERAL EXPRESS (SHIPPING) $ 16.12
8/31/2001 34579 H. PETER GANT (TRAVEL) $ 2,217.94
8/31/2001 34580 MARK HLAVEK (TRAVEL) $ 3,514.28
8/31/2001 34581 HOWARD HOOVER (TRAVEL) $ 2,335.40
8/31/2001 34582 IRON MOUNTAIN (RECORD STORAGE) $ 13.38
8/31/2001 34583 JUDCO MANAGEMENT (JD EDWARDS PASS) $ 8,625.00
8/31/2001 34584 MCI WORLDCOM (TELEPHONE) $ 10,147.14
8/31/2001 34585 VELOCITY EXPRESS (SHIPPING) $ 7.46
8/31/2001 34586 ANN WALLACE (CONSULTING SERVICES) $ 1,720.28
-----------
Total $303,487.36
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
8/3/2001 34523 NORTH ATLANTA REALTY (ATLANTA RENT) $ 28,021.13
8/10/2001 34543 WASTE MANAGEMENT (DUMPSTER RENT) $ 294.02
8/17/2001 34560 GE CAPITAL (COPIER LEASE) $ 1,151.44
8/24/2001 34567 ASCOM HASLER (POSTAGE METER LEASE) $ 181.15
Facilicom
8/10/2001 34536 METLIFE INSURANCE (LIFE INSURANCE) $ 480.29
8/29/2001 34572 APTO SOLUTIONS (COMMISSION) $ 80,500.00
8/31/2001 34583 JUDCO MANAGEMENT (JD EDWARDS PASS) $ 8,625.00
WA Telecommunications Group
8/10/2001 34536 METLIFE INSURANCE (LIFE INSURANCE) $ 61.83
WorldxChange
8/3/2001 34519 CURRIE/SAMUELSON (WXC RENT) $ 20,000.00
8/3/2001 34521 IBM CORPORATION (AS400 LEASE) $ 56,288.46
8/10/2001 34536 METLIFE INSURANCE (LIFE INSURANCE) $ 1,041.15
8/10/2001 34541 UNITED HEALTHCARE (HEALTH INSURANCE) $ 6,686.54
8/24/2001 34569 LIBERTY MUTUAL (W/C INSURANCE) $ 2,463.00
-----------
$205,794.01
-----------
Total WAXS Disbursements $ 97,693.35
===========
OPERATING REPORT Page 8 2 of 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: August 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------------
8/2/2001 Various Payroll Checks $ 148,180.93
8/16/2001 Various Payroll Checks $ 85,986.40
8/30/2001 Various Payroll Checks $ 82,443.66
------------
Total WAXS Disbursements $ 316,610.99
============
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: August 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- -----------
8/14/2001 ADP - PAYROLL TAXES $ 36,989.73
8/28/2001 ADP - PAYROLL TAXES $ 35,037.82
8/3/2001 ADP - Processing Fees $ 264.00
8/10/2001 ADP - Processing Fees $ 153.74
8/24/2001 ADP - Processing Fees $ 145.35
-----------
Total WAXS Disbursements $ 72,590.64
===========
OPERATING REPORT Page 10
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: August 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Flexible Spending
Account Number: 03751039615
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- --------
8/1/2001 Principal Life Withdrawal $ 368.29
--------
Total WAXS Disbursements $ 368.29
========
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: August 31, 2001
STATEMENT OF INVENTORY
- ----------------------
Beginning Inventory $ --
Add: purchases $ --
Less: goods sold $ --
----
Ending inventory $ --
====
PAYROLL INFORMATION STATEMENT
- -----------------------------
Gross payroll for this period $ 388,638.54
Payroll taxes due but unpaid $ --
STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS
DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF
NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT
----------------------- -------------- ---------------- --------------------- --------------------
Xerox Corporation Monthly $ 1,247.84 3 $ 3,743.52
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: August 31, 2001
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
- ------------------- --------- -------------- --------------
Beginning of month balance $ -- $10,942,088.14 $10,942,088.14
Add: sales on account $ -- $ -- $ --
expenses paid for affiliate $ -- $ 231,183.88 $ 231,183.88
cash advanced to affiliate $ -- $ -- $ --
Less: collections $ -- $ -- $ --
---- -------------- --------------
End of month balance $ -- $11,173,272.02 $11,173,272.02
==== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ -- $ -- $ -- $ -- $ --
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL
-------------- -------------- --------------
Beginning of month balance $ 1,100,133.98 $16,838,024.75 $17,938,158.73
Add: sales on account $ 794,411.89 $ -- $ 794,411.89
Cash received on behalf of Affiliate $ -- $ 1,247,371.31 $ 1,247,371.31
Cash received from Affiliate $ -- $ -- $ --
Less: payments $ (487,793.27) $ (787,067.00) $(1,274,860.27)
-------------- -------------- --------------
End of month balance $ 1,406,752.60 $17,298,329.06 $18,705,081.66
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
------------ ------------ ------------ ------------ ------------------
$ 361,095.08 $ 482,041.15 $ 371,408.86 $ 192,207.51 $ 1,406,752.60
OPERATING REPORT Page 13
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: August 31, 2001
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 14
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
/s/ Henry C. Lyon
-----------------------------------------
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 15
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: September 30, 2001
BEGINNING BALANCE IN ALL ACCOUNTS $ 31,884,446.16
RECEIPTS:
1. Receipts from Operations $ --
2. Other Receipts $ 331,590.13
Other Receipts (Received on behalf of Affiliates) $ 427,374.16
---------------
TOTAL RECEIPTS $ 758,964.29
DISBURSEMENTS
3. Net Payroll
a. Officers $ 175,681.76
b. Others $ 251,957.10
4. Taxes
a. Federal Income Taxes $ 154,761.23
b. FICA Withholdings $ 16,270.81
c. Employee's withholdings $ 5,687.86
d. Employer's FICA $ 16,270.79
e. Federal Unemployment Taxes $ 11.35
f. State Income Tax $ 26,175.48
g. State Employee withholdings $ 630.82
h. All other state taxes $ 49.63
5. Necessary Expenses
a. Rent or mortgage payment(s) $ --
b. Utilities $ 4,875.01
c. Insurance $ 12,352.28
d. Merchandise bought for manufacture or sell $ --
e. Other necessary expenses $ --
Employee Expenses $ 6,855.78
Office Supplies & Expenses $ 3,665.57
Other $ 1,280.00
---------------
TOTAL DISBURSEMENTS $ 676,525.47
Add: Disbursements made on behalf of Affiliates $ 120,751.23
---------------
ADJUSTED TOTAL DISBURSEMENTS $ 797,276.70
---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (38,312.41)
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C $ (1,247,320.00)
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange $ --
---------------
NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD $ (1,247,320.00)
---------------
ENDING BALANCE IN Bank of America - Master 03751046297 $ 1,430,618.25
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 1,354,281.35
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ (105,177.28)
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 88,954.96
ENDING BALANCE IN Bank of America - Unemp. Benefit 03751255062 $ 9,800.57
ENDING BALANCE IN Bank of America - Flex Spending 03751039615 $ 2,131.71
ENDING BALANCE IN Bank of America - Money Market 851018 $ 21,034,030.27
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,073,871.04
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 371,978.93
ENDING BALANCE IN First Union - Commercial Checking 2000003341528 $ --
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
---------------
ENDING BALANCE IN ALL ACCOUNTS $ 30,598,813.75
===============
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: September 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------------
9/5/2001 Rapid Link USA (Cobra) $ 664.14
9/5/2001 American Express (Refund) $ 25.00
9/5/2001 Evelyn L. Johnson (Cobra) $ 223.00
9/5/2001 H. Peter Gant (Sale of Desk/File Cabinet) $ 150.00
9/5/2001 Mark Gergel (Cobra) $ 1,328.28
9/5/2001 Kathleen Winters (Cobra) $ 22.74
9/11/2001 American Express (Refund) $ 6.25
9/11/2001 Christian Grant (Sale of File Cabinet) $ 33.00
9/11/2001 Martha Hernandez (Cobra) $ 223.07
9/11/2001 Daniel L. Menken (Cobra) $ 664.14
9/11/2001 Karen Farrell (Sale of Computer/Chair/Latop) $ 545.00
9/11/2001 Jose Belarmino Jaime (Misc. Income) $ 100,000.00
9/13/2001 ADP (Refund of duplicate payment) $ 343.42
9/13/2001 Rita Hightower (Cobra) $ 223.07
9/13/2001 James Smith (Sale of Computer Monitor) $ 33.00
9/13/2001 Suntrust (WATP Receivable) $ 69,413.82
9/13/2001 Ernst & Young, LLP (Partial Refund of Retainer) $ 150,000.00
9/19/2001 Scarlett Telecom BV (Proceeds from Sale of Uninet) $ 357,960.34
------------
Total $ 681,858.27
Less: Receipts received from or on behalf of Affiliates
WA Telecom Products Co., Inc.
9/13/2001 Suntrust (WATP Receivable) $ 69,413.82
9/19/2001 Scarlett Telecom BV (Proceeds from Sale of Uninet) $ 357,960.34
------------
$ 427,374.16
------------
Total WAXS Receipts $ 254,484.11
============
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: September 30, 2001
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
9/28/2001 Interest Income $ 357.84
--------
Total WAXS Receipts $ 357.84
========
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: September 30, 2001
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
9/28/2001 Interest Income $ 6,765.39
9/28/2001 Interest Income $ 54,904.57
-----------
Total WAXS Receipts $ 61,669.96
===========
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: September 30, 2001
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
9/28/2001 Interest Income $ 15,078.22
-----------
Total WAXS Receipts $ 15,078.22
===========
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: September 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
9/4/2001 Merrill Lynch (401k W/H) $ 5,687.86
9/5/2001 Bank Fee $ 30.00
9/10/2001 FCI (Xfer Soledan OY Proceeds for FCI Finland Sale) $ 299,980.00
9/14/2001 FCI (Xfer American Tower Proceeds on Asset Sale) $ 947,340.00
--------------
Total $ 1,253,037.86
Less: Disbursement to or on behalf of Affiliates
Facilicom
9/10/2001 FCI (Xfer Soledan OY Proceeds for FCI Finland Sale) $ 299,980.00
9/14/2001 FCI (Xfer American Tower Proceeds on Asset Sale) $ 947,340.00
--------------
$ 1,247,320.00
--------------
Total WAXS Disbursements $ 5,717.86
==============
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: September 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------------
9/4/2001 34588 CURRIE/SAMUELSON (WXC RENT) $ 20,000.00
9/5/2001 34589 COMPUSA (BACKUP TAPES) $ 243.76
9/5/2001 34590 NORTH ATLANTA REALTY (ATL RENT) $ 28,234.44
9/7/2001 34591 ARCUS DATA SECURITY (BACKUP RETRIEVE) $ 1,943.48
9/7/2001 34592 BELLSOUTH (TELEPHONE) $ 457.24
9/7/2001 34593 GE CAPITAL (COPIER LEASE) $ 575.72
9/7/2001 34594 IBM CORPORATION (AS400 LEASE) $ 55,366.24
9/7/2001 34595 MCI WORLDCOM (TELEPHONE) $ 51.43
9/7/2001 34596 CARL SONNE (TRAVEL REIMBURSEMENT) $ 2,801.52
9/14/2001 34601 AIRBORNE EXPRESS (SHIPPING) $ 203.32
9/14/2001 34602 BOWNE OF ATLANTA (PRINTING) $ 2,693.00
9/14/2001 34603 CENTRAL PARKING (PARKING DECK) $ 660.00
9/14/2001 34604 FEDERAL EXPRESS (SHIPPING) $ 19.12
9/14/2001 34605 LUMBERMAN'S MUTUAL (W/C INSURANCE) $ 514.74
9/14/2001 34606 MCI WORLDCOM (TELEPHONE) $ 3,571.77
9/14/2001 34607 MCI WORLDCOM (TELEPHONE) $ 290.89
9/14/2001 34608 ROYAL CUP COFFEE (BREAKROOM SUPPLY) $ 88.94
9/14/2001 34609 UNITED HEALTHCARE (HEALTH INS.) $ 11,837.54
9/14/2001 34609 UNITED HEALTHCARE (HEALTH INS.) $ 2,806.80
9/14/2001 34610 MARK WARNER (TRAVEL REIMBURSEMENT) $ 2,012.26
9/19/2001 34611 BRYAN YOKLEY (TRAVEL REIMBURSEMENT) $ 151.11
9/21/2001 34612 U.S. TRUSTEE (TRUSTEE PAYMENTS) $ 1,250.00
9/21/2001 34613 WALT BURMEISTER (TRAVEL REIM.) $ 108.31
9/21/2001 34614 FEDERAL EXPRESS (SHIPPING) $ 16.38
9/21/2001 34615 U.S. TRUSTEE (TRUSTEE PAYMENTS) $ 500.00
9/21/2001 34616 VELOCITY EXPRESS (SHIPPING) $ 15.71
9/28/2001 34617 ADP (PAYROLL PROCESSING) $ 200.00
9/28/2001 34618 AIRBORNE EXPRESS (SHIPPING) $ 223.37
9/28/2001 34619 COLEMAN TECHOLOGY (INTERNET) $ 50.00
9/28/2001 34620 BOB HOLLOWAY (TRAVEL REIMBURSEMENT) $ 2,428.64
9/28/2001 34621 JUDCO MGMT (JD EDWARDS ACCESS) $ 8,625.00
9/28/2001 34622 MCI WORLDCOM (TELEPHONE) $ 503.68
9/28/2001 34623 ROYAL CUP COFFEE (BREAKROOM SUPPLY) $ 105.31
9/28/2001 34624 VELOCITY EXPRESS (SHIPPING) $ 6.66
9/28/2001 34625 MARK WARNER (TRAVEL REIMBURSEMENT) $ 338.16
9/28/2001 34626 WASTE MANAGEMENT (DUMPSTER RENT) $ 270.91
------------
Total $ 149,165.45
Less: Disbursement to or on behalf of Affiliates
WA Telecom Products Co., Inc.
OPERATING REPORT Page 7 1 of 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: September 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- ------------------- ------------ ----------- ---------
9/5/2001 34590 NORTH ATLANTA REALTY (ATL RENT) $ 28,234.44
9/7/2001 34593 GE CAPITAL (COPIER LEASE) $ 575.72
9/21/2001 34615 U.S. TRUSTEE (TRUSTEE PAYMENTS) $ 500.00
9/28/2001 34626 WASTE MANAGEMENT (DUMPSTER RENT) $ 270.91
Facilicom
9/28/2001 34621 JUDCO MGMT (JD EDWARDS ACCESS) $ 8,625.00
9/28/2001 34620 BOB HOLLOWAY (TRAVEL REIMBURSEMENT) $ 2,428.64
WorldxChange
9/4/2001 34588 CURRIE/SAMUELSON (WXC RENT) $ 20,000.00
9/7/2001 34591 ARCUS DATA SECURITY (BACKUP RETRIEVE) $ 1,943.48
9/7/2001 34594 IBM CORPORATION (AS400 LEASE) $ 55,366.24
9/14/2001 34609 UNITED HEALTHCARE (HEALTH INS.) $ 2,806.80
-----------
$120,751.23
-----------
Total WAXS Disbursements $ 28,414.22
===========
OPERATING REPORT Page 7 2 of 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: September 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
9/13/2001 Multiple Payroll & Bonus Checks $ 344,561.63
9/27/2001 Multiple Payroll Checks $ 83,077.23
------------
Total WAXS Disbursements $ 427,638.86
============
OPERATING REPORT Page 8
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: September 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
9/13/2001 ADP - Payroll Tax Wire $ 175,653.44
9/25/2001 ADP - Payroll Tax Wire $ 38,516.67
9/28/2001 ADP - Processing Fees $ 584.42
------------
Total WAXS Disbursements $ 214,754.53
============
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: September 30, 2001
STATEMENT OF INVENTORY
- ----------------------
Beginning Inventory $ --
Add: purchases $ --
Less: goods sold $ --
----------
Ending inventory $ --
==========
PAYROLL INFORMATION STATEMENT
- -----------------------------
Gross payroll for this period $ 647,496.83
Payroll taxes due but unpaid $ --
STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS
DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF
NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT
- ----------------------- -------------- ---------------- --------------------- --------------------
Xerox Corporation Monthly $ 1,247.84 4 $ 4,991.36
OPERATING REPORT Page 10
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: September 30, 2001
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
----------- -------------- --------------
Beginning of month balance $ -- $11,173,272.02 $11,173,272.02
Add: sales on account $ -- $ -- $ --
expenses paid for Affiliates $ -- $ 120,751.23 $ 120,751.23
cash advanced to Affiliates $ -- $ -- $ --
Less: collections $ -- $ -- $ --
----------- -------------- --------------
End of month balance $ -- $11,294,023.25 $11,294,023.25
=========== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ -- $ -- $ -- $ -- $ --
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL
------------- -------------- --------------
Beginning of month balance $1,406,752.60 $17,298,329.06 $18,705,081.66
Add: sales on account $1,162,479.14 $ -- $ 1,162,479.14
Cash received on behalf of Affiliate $ -- $ 427,374.16 $ 427,374.16
Cash received from Affiliate $ -- $ -- $ --
Less: payments $ (676,525.47) $(1,247,320.00) $(1,923,845.47)
------------- -------------- --------------
End of month balance $1,892,706.27 $16,478,383.22 $18,371,089.49
============= ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 504,524.58 $ 342,524.17 $ 482,041.15 $ 563,616.37 $ 1,892,706.27
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: September 30, 2001
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
/s/ Henry C. Lyon
------------------------------------------------------
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 13
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: October 31, 2001
BEGINNING BALANCE IN ALL ACCOUNTS $ 30,598,813.75
RECEIPTS:
1. Receipts from Operations $ --
2. Other Receipts $ 88,681.76
Other receipts (Received on behalf of Affiliates) $ 330,488.70
------------------
TOTAL RECEIPTS $ 419,170.46
DISBURSEMENTS
3. Net Payroll
a. Officers $ 48,454.06
b. Others $ 87,630.69
4. Taxes
a. Federal Income Taxes $ 36,441.37
b. FICA Withholdings $ 6,370.07
c. Employee's withholdings $ 707.73
d. Employer's FICA $ 6,370.06
c. Employee's withholdings $ 9.78
f. State Income Tax $ 7,738.02
g. State Employee withholdings $ 302.67
h. All other state taxes $ 42.82
5. Necessary Expenses
a. Rent or mortgage payment(s) $ 43,752.00
b. Utilities $ 11,520.64
c. Insurance $ 47,298.82
d. Merchandise bought for manufacture or sell $ --
e. Other necessary expenses $ --
Employee Expenses $ 4,092.95
Office Supplies & Expenses $ 9,413.65
Other $ 7,505.02
------------------
TOTAL DISBURSEMENTS $ 317,650.35
Add: Disbursements made on behalf of Parent or Affiliates $ 187,416.61
------------------
ADJUSTED TOTAL DISBURSEMENTS $ 505,066.96
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (85,896.50)
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc. $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD $ --
------------------
ENDING BALANCE IN Bank of America - Master 03751046297 $ 1,780,196.53
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 1,044,640.76
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ (241,284.87)
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 30,873.91
ENDING BALANCE IN Bank of America - Unemp. Benefit 03751255062 $ 9,800.57
ENDING BALANCE IN Bank of America - Flex Spending 03751039615 $ 2,131.71
ENDING BALANCE IN Bank of America - Money Market 851018 $ 21,088,723.08
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,087,430.75
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 372,080.86
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
------------------
ENDING BALANCE IN ALL ACCOUNTS $ 30,512,917.25
==================
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: October 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
10/18/2001 Amalgamated Chicago (Sale Proceeds) 185,900.00
10/22/2001 AIT, Inc. (Sale Proceeds) 30,000.00
10/23/2001 Aprize Satellite Inc. (Cobra) 493.84
10/23/2001 Restor Telecom (WATP Receivable) 14,588.70
10/23/2001 Howard Hoover (Refund WAXS for Unused Relocation Expense) 16,000.00
10/23/2001 Larry Quinn (Computer) 66.00
10/23/2001 Bryan Yokley (Laptop) 100.00
10/23/2001 Rapid Link USA (Cobra) 664.14
10/23/2001 ADP (Refund Overpayment) 264.00
10/23/2001 Franklin Edwards (Cobra) 446.14
10/23/2001 Martha Hernandez (Cobra) 223.07
10/23/2001 Daniel Menken (Cobra) 664.14
10/23/2001 Martin Luther King Statioin (Utilities Refund) 418.30
10/23/2001 Aprize Satellite Inc. (Cobra) 987.68
10/30/2001 Nytel Corp. (Sale Proceeds Deposit) 100,000.00
----------
Total 350,816.01
Less: Receipts from or on behalf of Parent or Affiliates
WA Telecom Products Co., Inc.
10/23/2001 Restor Telecom (WATP Receivable) 14,588.70
Facilicom
10/18/2001 Amalgamated Chicago (Sale Proceeds - FCI Italy) 185,900.00
10/22/2001 AIT, Inc. (NY Switch - Switch orig. transferred from Miami) 30,000.00
10/30/2001 Nytel Corp. (Sale Proceeds - NJ Switch Downpayment) 100,000.00
----------
330,488.70
----------
Total WAXS Receipts 20,327.31
==========
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: October 31, 2001
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------------
10/31/2001 Interest Received $ 101.93
------------
Total WAXS Receipts $ 101.93
============
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: October 31, 2001
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- -----------
10/31/2001 Interest Received - Strat Cash $ 48,807.31
10/31/2001 Interest Received - Money Market $ 5,885.50
-----------
Total WAXS Receipts $ 54,692.81
===========
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: October 31, 2001
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
10/31/2001 Interest Received $ 13,559.71
-----------
Total WAXS Receipts $ 13,559.71
===========
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: October 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- ------
10/1/2001 Merrill Lynch (401k Withholdings) $ 707.73
10/3/2001 UMS - Bank Fee $ 30.00
10/9/2001 Ascom Hasler (Postage for Meter) $ 500.00
----------
Total WAXS Disbursements $ 1,237.73
==========
OPERATING REPORT Page 7
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: October 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
10/1/2001 34627 CURRIE/SAMUELSON (WXC RENT) $ 20,000.00
10/1/2001 34628 NORTH ATLANTA REALTY (CORP. RENT) $ 28,021.13
10/5/2001 34629 BELLSOUTH (TELEPHONE) $ 473.37
10/5/2001 34630 GE CAPITAL (COPIER LEASE) $ 575.72
10/5/2001 34631 HEWLETT PACKARD (REPAIR TAPE DRIVE) $ 2,782.00
10/5/2001 34632 LIBERTY MUTUAL (INSURANCE) $ 180.00
10/5/2001 34633 MCI WORLDCOM (TELEPHONE) $ 6,865.63
10/9/2001 34634 MDC-MARK II (WXC RENT - NEW FACILITY) $ 5,000.00
10/11/2001 34635 CURRIE/SAMUELSON (WXC RENT) $ 5,000.00
10/11/2001 34636 COMPUSA (OFFICE SUPPLIES) $ 74.89
10/12/2001 34637 AIRBORNE EXPRESS (SHIPPING) $ 188.97
10/12/2001 34638 CENTRAL PARKING (PARKING DECK) $ 660.00
10/12/2001 34639 CONTINENTAL STOCK (SHAREHOLDER SVCS) $ 2,224.98
10/12/2001 34640 FEDERAL EXPRESS (SHIPPING) $ 15.34
10/12/2001 34641 IBM CORPORATION (AS400 LEASE) $ 63,048.26
10/12/2001 34642 HENRY LYON (TRAVEL REIMBURSEMENT) $ 2,497.64
10/12/2001 34643 MCI WORLDCOM (TELEPHONE) $ 3,541.98
10/12/2001 34644 MCI WORLDCOM (TELEPHONE) $ 38.19
10/17/2001 34645 APTO SOLUTIONS (COMMISSION) $ 11,200.00
10/19/2001 34646 ADP (PAYROLL PROC. FEES) $ 50.00
10/19/2001 34647 AIRBORNE EXPRESS (SHIPPING) $ 409.08
10/19/2001 34648 ATLANTA JOURNAL (NEWSPAPER) $ 38.25
10/19/2001 34649 BOWNE (PRINTING) $ 5,065.00
10/19/2001 34650 COLEMAN TECHNOLOGIES (INTERNET) $ 50.00
10/19/2001 34651 FEDERAL EXPRESS (SHIPPING) $ 118.82
10/19/2001 34652 H. PETER GANT (TRAVEL REIMBURSEMENT) $ 56.21
10/19/2001 34653 IBM CORPORATION (AS400 LEASE) $ 10,759.00
10/19/2001 34654 J.SMITH LANIER (INSURANCE) $ 18,905.00
10/19/2001 34655 MCI WORLDCOM (TELEPHONE) $ 97.79
10/19/2001 34656 MDC-MARK II (WXC RENT - NEW FACILITY) $ 38,752.00
10/19/2001 34657 STATE COMPENSATION BOARD $ 247.67
10/19/2001 34658 UNITED HEALTHCARE (INSURANCE) $ 15,784.54
10/24/2001 34659 PHILPOT RELOCATION (RECORD STORAGE) $ 31,080.80
10/26/2001 34660 CONTINENTAL STOCK (SHAREHOLDER SVCS) $ 835.21
10/26/2001 34661 GE CAPITAL (COPIER LEASE) $ 575.72
10/26/2001 34662 J.SMITH LANIER (INSURANCE) $ 12,181.61
10/26/2001 34663 LAKSHMI AVIATION (CONSULTING) $ 2,500.00
10/26/2001 34664 MCI WORLDCOM (TELEPHONE) $ 503.68
10/26/2001 34665 ROYAL CUP COFFEE (BREAK ROOM SUPPLY) $ 141.30
10/26/2001 34666 ANN WALLACE (CONSULTING) $ 1,497.83
10/26/2001 34667 MARK WARNER (CONSULTING) $ 447.00
10/26/2001 34668 WASTE MANAGEMENT (DUMPSTER RENTAL) $ 210.50
10/29/2001 34669 NEW WORLD TOWER $ 16,945.48
-----------
Total $309,640.59
OPERATING REPORT Page 8
Page 1 of 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: October 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
10/1/2001 34628 NORTH ATLANTA REALTY (CORP. RENT) $ 28,021.13
10/5/2001 34630 GE CAPITAL (COPIER LEASE) $ 575.72
10/26/2001 34661 GE CAPITAL (COPIER LEASE) $ 575.72
10/26/2001 34668 WASTE MANAGEMENT (DUMPSTER RENTAL) $ 210.50
Facilicom
10/17/2001 34645 APTO SOLUTIONS (COMMISSION) $ 11,200.00
10/29/2001 34669 NEW WORLD TOWER (SWITCH SITE RENT) $ 16,945.48
WorldxChange
10/1/2001 34627 CURRIE/SAMUELSON (WXC RENT) $ 20,000.00
10/11/2001 34635 CURRIE/SAMUELSON (WXC RENT) $ 5,000.00
10/12/2001 34641 IBM CORPORATION (AS400 LEASE) $ 63,048.26
10/19/2001 34653 IBM CORPORATION (AS400 LEASE) $ 10,759.00
10/24/2001 34659 PHILPOT RELOCATION (RECORD STORAGE) $ 31,080.80
-----------
$187,416.61
-----------
Total WAXS Disbursements $122,223.98
===========
OPERATING REPORT Page 8
Page 2 of 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: October 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
10/9/2001 Multiple Payroll Checks $ 67,340.91
10/9/2001 Debit ADP - Processing Fee $ 22.84
10/23/2001 Multiple Payroll Checks $ 68,743.84
------------
Total WAXS Disbursements $ 136,107.59
============
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: October 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- ------
10/9/2001 ADP - Payroll Tax Wire $ 28,014.04
10/23/2001 ADP - Payroll Tax Wire $ 29,260.75
10/23/2001 ADP - Processing Fees $ 806.26
-----------
Total WAXS Disbursements $ 58,081.05
===========
OPERATING REPORT Page 10
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: October 31, 2001
STATEMENT OF INVENTORY
Beginning Inventory $ --
Add: purchases $ --
Less: goods sold $ --
------------
Ending inventory $ --
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 194,067.27
Payroll taxes due but unpaid $ --
STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS
DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF
NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT
----------------------- -------------- ---------------- -------------------- -------------------
Xerox Corporation Monthly $ 1,247.84 5 $ 6,239.20
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: October 31, 2001
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
---------------- -------------- ---------------
Beginning of month balance $ -- $ 11,294,023.25 $ 11,294,023.25
Add: sales on account $ -- $ -- $ --
expenses paid for affiliate $ -- $ 187,416.61 $ 187,416.61
cash advanced to affiliate $ -- $ -- $ --
Less: collections $ -- $ -- $ --
-------------- --------------- ---------------
End of month balance $ -- $ 11,481,439.86 $ 11,481,439.86
============== =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ - $ - $ - $ - $ -
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL
---------------- -------------- ---------------
Beginning of month balance $ 1,892,706.27 $ 16,478,383.22 $ 18,371,089.49
Add: sales on account $ 426,908.39 $ -- $ 426,908.39
Cash received on behalf of Affiliate $ -- $ 330,488.70 $ 330,488.70
Cash received from Affiliate $ -- $ -- $ --
Less: payments $ (317,650.35) $ -- $ (317,650.35)
-------------- --------------- ---------------
End of month balance $ 2,001,964.31 $ 16,808,871.92 $ 18,810,836.23
============== =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 151,597.92 $ 462,184.70 $ 342,524.17 $ 1,045,657.52 $ 2,001,964.31
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: October 31, 2001
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes incurred
after the filing of their Chapter 11 petition on an as due basis. Please
indicate whether the following post petition taxes or withholdings have been
paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid, the
amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 13
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
/s/ Henry C. Lyon
---------------------------------------
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 14