EXHIBIT 99.2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
AMENDED SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: May 31, 2001
BEGINNING BALANCE IN ALL ACCOUNTS $ --
RECEIPTS:
1. Receipts from Operations
Receipts from Operations (Received by Parent or Affiliates) $238,677.30
2. Other Receipts
Other Receipts (Received by Parent or Affiliates) $175,980.54
-----------
TOTAL RECEIPTS $414,657.84
Less: Receipts received by Parent or Affiliates $(414,657.84)
-----------
ADJUSTED TOTAL RECEIPTS $ --
DISBURSEMENTS
3. Net Payroll
a. Officers $ --
b. Others $ --
4. Taxes
a. Federal Income Taxes $ --
b. FICA Withholdings $ --
c. Employee's withholdings $ --
d. Employer's FICA $ --
e. Federal Unemployment Taxes $ --
f. State Income Tax $ --
g. State Employee withholdings $ --
h. All other state taxes $ --
5. Necessary Expenses
a. Rent or mortgage payment(s) $ --
b. Utilities $ 2,078.73
c. Insurance
d. Merchandise bought for manufacture or sell
e. Other necessary expenses
Employee Expenses
Office Supplies & Expenses
Other $ 300.00
-----------
TOTAL DISBURSEMENTS $ 2,378.73
Less: Disbursements made by Parent or Affiliates $ (2,378.73)
-----------
ADJUSTED TOTAL DISBURSEMENTS $ --
-----------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ --
-----------
ENDING BALANCE IN ALL ACCOUNTS $ --
===========
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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
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 $259,631.24*
===========
* Funds received by World Access, Inc. on behalf of Debtor.
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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
- -------------- ------------ ----------- ------
5/11/2001 34377 Sawnee EMC (Utilities - Electric) $2,078.73
5/14/2001 34378 Waste Management (Maintenance) $ 300.00
---------
Total $2,378.73*
=========
* Funds disbursed by World Access, Inc. on behalf of Debtor.
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 $ --
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
----------------------- -------------- --------------- ------------------- -----------------
North Atlanta Realty Monthly $ 28,021.13 -- $ --
GE Capital (Copier Lease) Monthly $ 575.72 -- $ --
Toshiba Easy Lease (Fax) Monthly $ 84.41 -- $ --
Toshiba Easy Lease (Fax) Monthly $ 35.11 -- $ --
GE Capital (Copier/Fax Lease) Monthly $ 612.83 -- $ --
Ascom/Hasler (Postage Meter) Quarterly $ 181.15 -- $ --
Imperial Business Credit (Postage Meter) Quarterly $ 497.83 -- $ --
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
For the Month Ending: May 31, 2001
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
--------- ------------ -----
Beginning of month balance $14,320,138.00 $ -- $14,320,138.00
Add: sales on account $ -- $ -- $ --
Cash received by Parent or Affiliate $ -- $175,980.54 $ 175,980.54
Less: collections received by Parent or Affiliate $ (238,677.30) $238,677.30 $ --
-------------- ----------- --------------
End of month balance $14,081,460.70 $414,657.84 $14,496,118.54
============== =========== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- --------- ---------- ---------- ------------ ------------------
$ -- $ -- $ -- $14,081,460.70 $14,081,460.70
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL
--------- ------------ -----
Beginning of month balance $ -- $ -- $ --
Add: sales on account $ 2,378.73 $ -- $2,378.73
Cash received on behalf of affiliate $ -- $ -- $ --
Cash received from affiliate $ -- $ -- $ --
Less: expenses paid by affiliate $(2,378.73) $2,378.73 $ --
---------- --------- ---------
End of month balance $ -- $2,378.73 $2,378.73
========== ========= =========
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- --------- ---------- ---------- ------------ ------------------
$ -- $ -- $ -- $ -- $ --
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 6
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 7
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
AMENDED SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: June 30, 2001
BEGINNING BALANCE IN ALL ACCOUNTS $ --
RECEIPTS:
1. Receipts from Operations
Receipts from Operations (Received by Parent or Affiliates) $ 99,703.46
2. Other Receipts
Other Receipts (Received by Parent or Affiliates)
-----------
TOTAL RECEIPTS $ 99,703.46
Less: Receipts received by Parent or Affiliates $(99,703.46)
-----------
ADJUSTED TOTAL RECEIPTS $ --
DISBURSEMENTS
3. Net Payroll
a. Officers $ --
b. Others $ --
4. Taxes
a. Federal Income Taxes $ --
b. FICA Withholdings $ --
c. Employee's withholdings $ --
d. Employer's FICA $ --
e. Federal Unemployment Taxes $ --
f. State Income Tax $ --
g. State Employee withholdings $ --
h. All other state taxes $ --
5. Necessary Expenses
a. Rent or mortgage payment(s) $ 56,142.39
b. Utilities
c. Insurance
d. Merchandise bought for manufacture or sell
e. Other necessary expenses
Employee Expenses
Office Supplies & Expenses $ 1,215.96
Other $ 1,761.18
-----------
TOTAL DISBURSEMENTS $ 59,119.53
Less: Disbursements paid by Parent or Affiliates $(59,119.53)
-----------
ADJUSTED TOTAL DISBURSEMENTS $ --
-----------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ --
-----------
ENDING BALANCE IN ALL ACCOUNTS $ --
===========
OPERATING REPORT Page 1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 ORION TELECOMMUNICATIONS $ 69,062.00
-----------
Total $ 69,062.00
===========
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- -----------
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
-----------
$ 58,177.38*
===========
*Funds disbursed by World Access, Inc. on behalf of Debtor.
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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
--------
Total $ 942.15*
========
*Funds disbursed by World Access, Inc. on behalf of Debtor.
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 $--
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
- ---------------------------------------- -------------- --------------- ------------------- -------------------
North Atlanta Realty Monthly $28,021.13 -- $ --
GE Capital (Copier Lease) Monthly $ 575.72 -- $ --
Toshiba Easy Lease (Fax) Monthly $ 84.41 1 $ 84.41
Toshiba Easy Lease (Fax) Monthly $ 35.11 1 $ 35.11
GE Capital (Copier/Fax Lease) Monthly $ 612.83 1 $612.83
Ascom/Hasler (Postage Meter) Quarterly $ 181.15 -- $ --
Imperial Business Credit (Postage Meter) Quarterly $ 497.83 -- $ --
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
For the Month Ending: June 30, 2001
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
-------------- -------------- --------------
Beginning of month balance $14,081,460.70 $ 414,657.84 $14,496,118.54
Add: Sales on account $ -- $ -- $ --
Cash received by Parent or Affiliate $ -- $ -- $ --
Less: Collections received by Parent or Affiliate $ (99,703.46) $ 99,703.46 $ --
-------------- -------------- --------------
End of month balance $13,981,757.24 $ 514,361.30 $14,496,118.54
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- -------------- ------------------
$ -- $ -- $13,981,757.24 $13,981,757.24
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL
-------------- -------------- --------------
Beginning of month balance $ -- $ 2,378.73 $ 2,378.73
Add: sales on account $ 89,674.34 $ -- $ 89,674.34
Cash received on behalf of Affiliate $ -- $ -- $ --
Cash received from Affiliate $ -- $ -- $ --
Less: expenses paid by Parent or Affiliate $ (59,119.53) $ 59,119.53 $ --
-------------- -------------- --------------
End of month balance $ 30,554.81 $ 61,498.26 $ 92,053.07
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$30,554.81 $ -- $ -- $ 30,554.81
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 7
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 8
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
AMENDED SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: July 31, 2001
BEGINNING BALANCE IN ALL ACCOUNTS $ --
RECEIPTS:
1. Receipts from Operations $ --
Receipts from Operations (Received by Parent or Affiliates) $ 83,650.70
2. Other Receipts $ 8,053,350.23
Other Receipts (Received by Parent or Affiliates) $ 14,184,676.55
------------------
TOTAL RECEIPTS $ 22,321,677.48
Less: Receipts received by Parent or Affiliates $ (14,268,327.25)
------------------
ADJUSTED TOTAL RECEIPTS $ 8,053,350.23
DISBURSEMENTS
3. Net Payroll
a. Officers $ --
b. Others $ --
4. Taxes
a. Federal Income Taxes $ --
b. FICA Withholdings $ --
c. Employee's withholdings $ --
d. Employer's FICA $ --
e. Federal Unemployment Taxes $ --
f. State Income Tax $ --
g. State Employee withholdings $ --
h. All other state taxes $ --
5. Necessary Expenses
a. Rent or mortgage payment(s) $ 28,046.00
b. Utilities $ --
c. Insurance $ --
d. Merchandise bought for manufacture or sell $ --
e. Other necessary expenses $ --
Employee Expenses $ --
Office Supplies & Expenses $ --
Other $ 370.94
------------------
TOTAL DISBURSEMENTS $ 28,416.94
Less: Disbursements made by Parent or Affiliates $ (28,416.94)
------------------
ADJUSTED TOTAL DISBURSEMENTS $ --
------------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 8,053,350.23
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ --
ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130 $ 8,053,350.23
------------------
ENDING BALANCE IN ALL ACCOUNTS $ 8,053,350.23
==================
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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
7/9/2001 ORION TELECOMMUNICATIONS (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
----------------
Total WATP Receipts $ 14,268,327.25*
================
* Funds received by World Access, Inc. on behalf of Debtor.
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
RECEIPTS LISTING
For the Month Ending: July 31, 2001
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-21130
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- -------------
Cash generated from sale of BATM Stock $8,030,013.58
7/31/2001 Interest Received $ 23,336.65
-------------
Total WATP Receipts $8,053,350.23
=============
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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
- -------------- ------------ ----------- --------------
7/5/2001 34476 NORTH ATLANTA REALTY $ 28,046.00
7/13/2001 34496 WASTE MANAGEMENT $ 213.59
--------------
Total WATP Disbursements $ 28,259.59*
==============
* Funds disbursed by World Access, Inc. on behalf of Debtor.
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 WATP Disbursements $ 157.35*
==============
*Funds disbursed by World Access, Inc. on behalf of Debtor.
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 $ --
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
- ----------------------- -------------- ---------------- -------------------- -------------------
North Atlanta Realty Monthly $ 28,021.13 -- $ --
GE Capital (Copier Lease) Monthly $ 575.72 1 $ 575.72
Toshiba Easy Lease (Fax) Monthly $ 84.41 2 $ 168.82
Toshiba Easy Lease (Fax) Monthly $ 35.11 2 $ 70.22
GE Capital (Copier/Fax Lease) Monthly $ 612.83 2 $ 1,225.66
Ascom/Hasler (Postage Meter) Quarterly $ 181.15 -- $ --
Imperial Business Credit (Postage Meter) Quarterly $ 497.83 -- $ --
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
For the Month Ending: July 31, 2001
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
-------------- -------------- --------------
Beginning of month balance $13,981,757.24 $ 514,361.30 $14,496,118.54
Add: sales on account $ -- $ -- $ --
cash received by Parent or Affiliate $ -- $14,184,676.55 $14,184,676.55
cash advanced to affiliate $ -- $ -- $ --
Less: collections received by parent or affiliate $ (83,650.70) $ 83,650.70 $ --
Write-off due to sale of affiliate $ -- $ (185,668.06) $ (185,668.06)
-------------- -------------- --------------
End of month balance $13,898,106.54 $14,597,020.49 $28,495,127.03
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ----------- ----------- ----------- ------------------ ------------------
$ -- $ -- $ -- $ 13,898,106.54 $ 13,898,106.54
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL
-------------- -------------- --------------
Beginning of month balance $ 30,554.81 $ 61,498.26 $ 92,053.07
Add: sales on account $ 53,568.56 $ -- $ 53,568.56
Expenses paid by Parent or Affiliate $ -- $ --
Cash received from Affilitate $ -- $ -- $ --
Less: payments $ (28,416.94) $ 28,416.94 $ --
Write-off due to sale of affiliate $ -- $ -- $ --
-------------- -------------- --------------
End of month balance $ 55,706.43 $ 89,915.20 $ 145,621.63
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- --------- ---------- ---------- ------------ ------------------
$53,140.51 $2,565.92 $ -- $ -- $55,706.43
OPERATING REPORT Page 7
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 8
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 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: August 31, 2001
BEGINNING BALANCE IN ALL ACCOUNTS $ 8,053,350.23
RECEIPTS:
1. Receipts from Operations $ --
Receipts from Operations (Received by Parent or Affiliates) $ --
2. Other Receipts $ 1,660,340.08
Other Receipts (Received by Parent or Affiliates) $ 51.31
--------------
TOTAL RECEIPTS $ 1,660,391.39
Less: Receipts by Parent or Affiliate $ (51.31)
--------------
ADJUSTED TOTAL RECEIPTS $ 1,660,340.08
DISBURSEMENTS
3. Net Payroll
a. Officers $ --
b. Others $ --
4. Taxes
a. Federal Income Taxes $ --
b. FICA Withholdings $ --
c. Employee's withholdings $ --
d. Employer's FICA $ --
e. Federal Unemployment Taxes $ --
f. State Income Tax $ --
g. State Employee withholdings $ --
h. All other state taxes $ --
5. Necessary Expenses
a. Rent or mortgage payment(s) $ 28,021.13
b. Utilities $ --
c. Insurance $ --
d. Merchandise bought for manufacture or sell $ --
e. Other necessary expenses $ --
Employee Expenses $ --
Office Supplies & Expenses $ 1,626.61
Other $ 24,506.55
--------------
TOTAL DISBURSEMENTS $ 54,154.29
Less: Disbursements made by Parent or Affiliate $ (54,154.29)
--------------
ADJUSTED TOTAL DISBURSEMENTS $ --
--------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 1,660,340.08
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ --
ENDING BALANCE IN Deutsch Bank - S/T Investment 206-21130 $ 9,713,690.31
--------------
ENDING BALANCE IN ALL ACCOUNTS $ 9,713,690.31
==============
OPERATING REPORT Page 1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 Fees Refunded $ 51.31
-------
Total WATP Receipts $ 51.31 (*)
=======
(*) Funds received by World Access, Inc. on behalf of Debtor.
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
RECEIPTS LISTING
For the Month Ending: August 31, 2001
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-21130
DATE RECEIVED DESCRIPTION AMOUNT
--------------- ----------- --------------
8/1 - 8/31/2001 Cash generated from sale of BATM Stock $ 1,651,741.86
8/31/2001 Interest Income $ 8,598.22
--------------
Total WATP Receipts $ 1,660,340.08
==============
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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
-------------- ----------- -----------
8/28/2001 LOCKBOX ADJUSTMENT FOR ERRONEOUS DEPOSIT $ 24,506.55
-----------
Total WATP Disbursements $ 24,506.55 (*)
===========
(*) Funds disbursed by World Access, Inc. on behalf of Debtor
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 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
-----------
Total WATP Disbursements $ 29,647.74 (*)
===========
</Table>
(*) Funds disbursed by World Access, Inc. on behalf of Debtor.
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 $ --
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
----------------------- -------------- --------------- ------------------- -------------------
North Atlanta Realty Monthly $28,021.13 -- $ --
GE Capital (Copier Lease) Monthly $ 575.72 -- $ --
Toshiba Easy Lease (Fax) Monthly $ 84.41 3 $ 253.23
Toshiba Easy Lease (Fax) Monthly $ 35.11 3 $ 105.33
GE Capital (Copier/Fax Lease) Monthly $ 612.83 3 $ 1,838.49
Ascom/Hasler (Postage Meter) Quarterly $ 181.15 -- $ --
Imperial Business Credit (Postage Meter) Quarterly $ 497.83 -- $ --
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
For the Month Ending: August 31, 2001
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
--------------- --------------- ---------------
Beginning of month balance $ 13,898,106.54 $ 14,597,020.49 $ 28,495,127.03
Add: sales on account $ -- $ -- $ --
cash received by Parent or Affiliate $ -- $ 51.31 $ 51.31
cash advanced to affiliate $ -- $ -- $ --
Less: collections received by Parent or Affiliate $ -- $ -- $ --
--------------- --------------- ---------------
End of month balance $ 13,898,106.54 $ 14,597,071.80 $ 28,495,178.34
=============== =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- --------- ---------- ---------- --------------- ------------------
$ -- $ -- $ -- $ 13,898,106.54 $ 13,898,106.54
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL
----------- ------------ ------------
Beginning of month balance $ 55,706.43 $ 89,915.20 $ 145,621.63
Add: sales on account $ 30,124.09 $ -- $ 30,124.09
Expenses paid by Parent or Affiliate $ -- $ -- $ --
Cash received from Affiliate $ -- $ -- $ --
Less: payments made by Parent or Affiliate $(54,154.29) $ 54,154.29 $ --
----------- ------------ ------------
End of month balance $ 31,676.23 $ 144,069.49 $ 175,745.72
=========== ============ ============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ------------ ---------- ------------ ------------ ------------------
$ 29,016.09 $ 669.94 $ 1,990.20 $ -- $ 31,676.23
OPERATING REPORT Page 7
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 8
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 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: September 30, 2001
BEGINNING BALANCE IN ALL ACCOUNTS $9,713,690.31
RECEIPTS:
1. Receipts from Operations $ --
Receipts from Operations (Received by Parent or Affiliates) $ 69,413.82
2. Other Receipts $ 18,760.40
Other Receipts (Received by Parent or Affiliates) $ 357,960.34
-------------
TOTAL RECEIPTS $ 446,134.56
Less: Receipts received by Parent or Affiliates $ (427,374.16)
-------------
ADJUSTED TOTAL RECEIPTS $ 18,760.40
DISBURSEMENTS
3. Net Payroll
a. Officers $ --
b. Others $ --
4. Taxes
a. Federal Income Taxes $ --
b. FICA Withholdings $ --
c. Employee's withholdings $ --
d. Employer's FICA $ --
e. Federal Unemployment Taxes $ --
f. State Income Tax $ --
g. State Employee withholdings $ --
h. All other state taxes $ --
5. Necessary Expenses
a. Rent or mortgage payment(s) $ 28,234.44
b. Utilities $ --
c. Insurance $ --
d. Merchandise bought for manufacture or sell $ --
e. Other necessary expenses $ --
Employee Expenses $ --
Office Supplies & Expenses $ 846.63
Other $ 500.00
-------------
TOTAL DISBURSEMENTS $ 29,581.07
Less: Disbursements made by Parent or Affiliates $ (29,581.07)
-------------
ADJUSTED TOTAL DISBURSEMENTS $ --
-------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 18,760.40
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ --
ENDING BALANCE IN Deutsch Bank - S/T Investment 206-21130 $9,732,450.71
-------------
ENDING BALANCE IN ALL ACCOUNTS $9,732,450.71
=============
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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
- ------------------ ----------- --------------
9/13/2001 Suntrust (WATP Receivable) $ 69,413.82
9/19/2001 Scarlett Telecom BV (Proceeds from Sale of Uninet) $ 357,960.34
--------------
Total WATP Receipts $ 427,374.16*
==============
* Funds received by World Access, Inc. on behalf of Debtor.
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
RECEIPTS LISTING
For the Month Ending: September 30, 2001
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-21130
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ----------
9/28/2001 Interest Income $18,760.40
----------
Total WATP Receipts $18,760.40
==========
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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
-----------
Total WATP Disbursements $ 29,581.07*
===========
* Funds disbursed by World Access, Inc. on behalf of Debtor.
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 $ --
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
----------------------- -------------- ---------------- -------------------- -------------------
North Atlanta Realty Monthly $28,021.13 -- $ --
GE Capital (Copier Lease) Monthly $ 575.72 -- $ --
Toshiba Easy Lease (Fax) Monthly $ 84.41 4 $ 337.64
Toshiba Easy Lease (Fax) Monthly $ 35.11 4 $ 140.44
GE Capital (Copier/Fax Lease) Monthly $ 612.83 4 $2,451.32
Ascom/Hasler (Postage Meter) Quarterly $ 181.15 -- $ --
Imperial Business Credit (Postage Meter) Quarterly $ 497.83 1 $ 497.83
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
For the Month Ending: September 30, 2001
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
-------------- -------------- --------------
Beginning of month balance $13,898,106.54 $14,597,071.80 $28,495,178.34
Add: sales on account $ -- $ -- $ --
cash received by Parent or Affiliate $ -- $ 357,960.34 $ 357,960.34
cash advanced to affiliate $ -- $ -- $ --
Less: collections received by Parent or Affiliate $ (69,413.82) $ 69,413.82 $ --
-------------- -------------- --------------
End of month balance $13,828,692.72 $15,024,445.96 $28,853,138.68
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ------------ ----------- ----------- -------------- ------------------
$ -- $ -- $ -- $13,828,692.72 $13,828,692.72
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL
----------- ------------ -----------
Beginning of month balance $ 31,676.23 $144,069.49 $175,745.72
Add: sales on account $ 30,736.17 $ -- $ 30,736.17
Expenses paid by Parent or Affiliate $ -- $ -- $ --
Cash received from Affiliate $ -- $ -- $ --
Less: payments made by Parent or Affiliate $(29,581.07) $ 29,581.07 $ --
----------- ----------- -----------
End of month balance $ 32,831.33 $173,650.56 $206,481.89
=========== =========== ===========
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ------------ ---------- ---------- ------------ -----------------
$ 29,332.43 $ 838.76 $ 669.94 $ 1,990.20 $32,831.33
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 7
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 8
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: October 31, 2001
BEGINNING BALANCE IN ALL ACCOUNTS $ 9,732,450.71
RECEIPTS:
1. Receipts from Operations $ --
Receipts from Operations (Received by Parent) $ 14,588.70
2. Other Receipts $ 26,012.93
Other receipts (Received by Parent or Affiliates) $ --
---------------
TOTAL RECEIPTS $ 40,601.63
Less: Receipts received by Parent or Affiliates $ (14,588.70)
---------------
ADJUSTED TOTAL RECEIPTS $ 26,012.93
DISBURSEMENTS
3. Net Payroll
a. Officers $ --
b. Others $ --
4. Taxes
a. Federal Income Taxes $ --
b. FICA Withholdings $ --
c. Employee's withholdings $ --
d. Employer's FICA $ --
e. Federal Unemployment Taxes $ --
f. State Income Tax $ --
g. State Employee withholdings $ --
h. All other state taxes $ --
5. Necessary Expenses
a. Rent or mortgage payment(s) $ 28,021.13
b. Utilities $ --
c. Insurance $ --
d. Merchandise bought for manufacture or sell $ --
e. Other necessary expenses $ 1,361.94
Employee Expenses $ --
Office Supplies & Expenses $ --
Other $ --
---------------
TOTAL DISBURSEMENTS $ 29,383.07
Less: Disbursements made by Parent or Affiliates $ (29,383.07)
---------------
ADJUSTED TOTAL DISBURSEMENTS $ --
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 26,012.93
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ --
ENDING BALANCE IN Deutsch Bank - S/T Investment 206-21130 $ 9,758,463.64
---------------
ENDING BALANCE IN ALL ACCOUNTS $ 9,758,463.64
===============
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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
- ------------- ----------- ----------
10/23/2001 Restor Telecom (WATP Receivable) 14,588.70
---------
14,588.70 *
=========
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
RECEIPTS LISTING
For the Month Ending: October 31, 2001
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-21130
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------------
10/31/2001 Interest Receive $ 26,012.93
------------
Total WATP Receipts $ 26,012.93
============
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 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
------------
Total WATP Disbursements $ 29,383.07 *
============
* Funds disbursed by World Access, Inc. on behalf of Debtor
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
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 $ --
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
- ----------------------- -------------- --------------- ------------------- -------------------
North Atlanta Realty Monthly $ 28,021.13 -- $ --
GE Capital (Copier Lease) Monthly $ 575.72 -- $ --
Toshiba Easy Lease (Fax) Monthly $ 84.41 5 $ 422.05
Toshiba Easy Lease (Fax) Monthly $ 35.11 5 $ 175.55
GE Capital (Copier/Fax Lease) Monthly $ 612.83 5 $ 3,064.15
Ascom/Hasler (Postage Meter) Quarterly $ 181.15 1 $ 181.15
Imperial Business Credit (Postage Meter) Quarterly $ 497.83 1 $ 497.83
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
For the Month Ending: October 31, 2001
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
------------------------------------------------------------
Beginning of month balance $ 13,828,692.72 $ 15,024,445.96 $ 28,853,138.68
Add: sales on account $ -- $ -- $ --
expenses paid for affiliate $ -- $ -- $ --
cash advanced to affiliate $ -- $ -- $ --
Less: collections $ (14,588.70) $ 14,588.70 $ --
------------------------------------------------------------
End of month balance $ 13,814,104.02 $ 15,039,034.66 $ 28,853,138.68
============================================================
</Table>
<Table>
<Caption>
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- --------- ---------- ---------------- ---------------- -------------------
$ -- $ -- $ -- $ 13,814,104.02 $ 13,814,104.02
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL
------------------------------------------------------------
Beginning of month balance $ 32,831.33 $ 173,650.56 $ 206,481.89
Add: sales on account $ 30,137.42 $ -- $ 30,137.42
Cash received on behalf of Affiliate $ -- $ -- $ --
Cash received from Affiliate $ -- $ -- $ --
Less: payments $ (29,383.07) $ 29,383.07 $ --
------------------------------------------------------------
End of month balance $ 33,585.68 $ 203,033.63 $ 236,619.31
============================================================
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 7
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 8