EXHIBIT 99.1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECIEPTS AND CASH DISBURSEMENTS
For the Month Ending: November 30, 2001
BEGINNING BALANCE IN ALL ACCOUNTS $30,512,917.25
RECEIPTS:
1. Receipts from Operations $ --
2. Other Receipts $ 469,456.71
Other receipts (Received on behalf of Affiliates) $ 14,588.70
--------------
TOTAL RECEIPTS $ 484,045.41
DISBURSEMENTS
3. Net Payroll
a. Officers $ 43,764.04
b. Others $ 84,772.46
4. Taxes
a. Federal Income Taxes $ 55,811.49
b. FICA Withholdings $ 7,253.68
c. Employee's withholdings $ 307.88
d. Employer's FICA $ 7,253.69
e. Federal Unemployment Taxes $ 8.00
f. State Income Tax $ 8,152.80
g. State Employee withholdings $ 303.98
h. All other state taxes $ 34.96
5. Necessary Expenses
a. Rent or mortgage payment(s) $ --
b. Utilities $ 14,848.37
c. Insurance $ 28,618.10
d. Merchandise bought for manufacture or sell $ --
e. Other necessary expenses
Professional and Bankruptcy Court Related Fees and Expenses $ 1,288,858.52
Employee Expenses $ 13,550.53
Office Supplies & Expenses $ 2,631.18
Payment of recourse obligation from restricted cash $ 371,978.93
Other $ 4,573.13
--------------
TOTAL DISBURSEMENTS $ 1,932,721.74
Add: Disbursements made on behalf of Parent or Affiliates $ 232,075.66
--------------
ADJUSTED TOTAL DISBURSEMENTS $ 2,164,797.40
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $(1,680,751.99)
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C $ (317,500.00)
NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc. $ --
NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange $ --
--------------
NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD $ (317,500.00)
--------------
ENDING BALANCE IN Bank of America - Master 03751046297 $ 410,864.61
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 546,869.55
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ (69,821.37)
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 41,075.82
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 $21,135,836.52
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,099,491.96
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 91.94
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
--------------
ENDING BALANCE IN ALL ACCOUNTS $28,514,665.26
==============
OPERATING REPORT Page 1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: November 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- -----------
11/14/2001 Primetec Int'l (Reimbursement) $267,980.00
11/20/2001 David Acocello (Laptop Purchase) $ 150.00
11/20/2001 Restor Telecom (WATP Receivable Collection) $ 14,588.70
11/20/2001 Commonwealth of Pennsylvania (State Tax Refund) $ 1,528.00
11/20/2001 Chris Grant (Overhead Projector Purchase) $ 100.00
11/20/2001 Martha Hernandez (Cobra) $ 223.07
11/20/2001 Daniel Menken (Cobra) $ 664.14
11/20/2001 Verso Technologies (Video Conf. Unit Purchase) $ 750.00
11/20/2001 Linda Jacobsen (Cobra) $ 493.84
11/27/2001 GA Dept. of Revenue (State Tax Refund) $138,393.00
-----------
Total $424,870.75
Less: Receipts from or on behalf of Parent or Affiliates
WA Telecom Products Co., Inc.
11/20/2001 Restor Telecom (WATP Receivable) $ 14,588.70
-----------
14,588.70
-----------
Total WAXS Receipts 410,282.05
===========
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: November 30, 2001
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- -----------
11/30/2001 Interest Received $ 0.01
-----------
Total WAXS Receipts $ 0.01
===========
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: November 30, 2001
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- -----------
11/30/2001 Interest Received - Strat Cash $ 42,256.83
11/30/2001 Interest Received - Money Market $ 4,856.61
-----------
Total WAXS Receipts $ 47,113.44
===========
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: November 30, 2001
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- -----------
11/30/2001 Interest Received $ 12,061.21
-----------
Total WAXS Receipts $ 12,061.21
===========
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: November 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- -----------
11/5/2001 UMS - Bank Fee $ 30.00
11/8/2001 Federal Express (Deposit) $ 1,000.00
11/8/2001 Facilicom (Transfer Nytel Deposit Rec'd in October) $100,000.00
11/8/2001 Facilicom (Transfer AIT Deposit Rec'd in October) $ 30,000.00
11/16/2001 Merrill Lynch (401k - October Withholdings) $ 153.94
11/16/2001 Facilicom (Transfer Amalgamated Chi. funds Rec'd in Oct) $187,500.00
11/19/2001 111 Chelsea (FCI Switch Site) $ 85,364.79
11/27/2001 Merrill Lynch (401k - November Withholdings) $ 153.94
-----------
Total WAXS Disbursements $404,202.67
===========
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
11/8/2001 Facilicom (Transfer Nytel Deposit Rec'd in October) $100,000.00
11/8/2001 Facilicom (Transfer AIT Deposit Rec'd in October) $ 30,000.00
11/16/2001 Facilicom (Transfer Amalgamated Chi. funds Rec'd in Oct) $187,500.00
11/19/2001 111 Chelsea (FCI Switch Site) $ 85,364.79
-----------
$402,864.79
-----------
Total WAXS Disbursements $ 1,337.88
===========
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: November 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- -------------
11/2/2001 34670 ADP $ 25.00
11/2/2001 34671 Ascom Hasler Leasing $ 173.34
11/2/2001 34672 BellSouth $ 472.79
11/2/2001 34673 BellSouth $ 939.44
11/2/2001 34674 Currie/Samuelson $ 10,000.00
11/2/2001 34675 IBM Corporation $ 55,346.48
11/2/2001 34676 Judco Management $ 8,625.00
11/2/2001 34677 MCI WorldCom $ 7,002.23
11/2/2001 34678 North Atlanta Realty $ 28,021.13
11/2/2001 34679 Philpot Relocation $ 2,765.13
11/2/2001 34681 Velocity Express $ 6.39
11/2/2001 34682 Mark Warner $ 595.00
11/7/2001 34683 CLS Security Electronics $ 77.85
11/9/2001 34692 US Trustee $ 750.00
11/9/2001 34684 Central Parking $ 495.00
11/9/2001 34685 Debra Dawn $ 1,840.34
11/9/2001 34686 Federal Express $ 303.54
11/9/2001 34687 Lumberman's Mutual $ 764.20
11/9/2001 34688 MCI WorldCom $ 37.43
11/9/2001 34689 Metlife $ 9,908.64
11/9/2001 34690 Poorman-Douglas $ 28,125.56
11/9/2001 34691 US Trustee $ 5,000.00
11/15/2001 34693 US Trustee $ 750.00
11/16/2001 34694 Virginia Cook $ 239.28
11/16/2001 34695 Federal Express $ 161.94
11/16/2001 34696 Central Parking $ 3.00
11/16/2001 34697 Debra Dawn $ 658.25
11/16/2001 34698 GE Capital $ 575.72
11/16/2001 34699 MCI WorldCom $ 3,188.23
11/16/2001 34700 Merrill Lynch Trustee $ 5,725.00
11/16/2001 34701 United Healthcare $ 15,784.74
11/16/2001 34702 Mark Warner $ 340.00
11/23/2001 34703 Mark Warner $ 595.00
11/23/2001 34704 Continental Stock T&T $ 805.50
11/23/2001 34705 Debra Dawn $ 1,305.94
11/23/2001 34706 Federal Express $ 285.68
11/23/2001 34707 MCI WorldCom $ 503.71
11/23/2001 34708 Royal Cup Coffee $ 191.26
11/23/2001 34709 Velocity Express $ 14.12
11/26/2001 34710 State Compensation Board $ 2,160.52
11/26/2001 34711 Katten Muchin & Zavis $ 196,824.07
11/26/2001 34712 Lamberth, Bonapfel Cifelli & Stokes $ 158,706.66
11/26/2001 34713 Long, Aldridge & Norman $ 397,189.94
11/27/2001 34714 Sean Moore $ 962.50
11/29/2001 34715 Gardner, Carlton & Douglas $ 48,995.73
11/29/2001 34716 Milbank, Tweed, Hadley $ 228,802.52
11/29/2001 34717 PriceWaterhouse $ 225,214.04
11/30/2001 34718 Apto Solutions $ 32,500.00
OPERATING REPORT Page 7
11/30/2001 34719 Kamran Saeed $ 450.00
11/30/2001 34720 BellSouth $ 456.52
11/30/2001 34721 BellSouth $ 2,170.17
11/30/2001 34722 Federal Express $ 18.72
11/30/2001 34723 Debra Dawn $ 457.23
11/30/2001 34724 Elite Transportation $ 9,969.20
11/30/2001 34725 Federal Express $ 151.53
11/30/2001 34726 Mark Warner $ 340.00
-------------
Total $1,497,771.21
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
11/2/2001 34671 Ascom Hasler Leasing $ 173.34
11/2/2001 34678 North Atlanta Realty $ 28,021.13
11/16/2001 34698 GE Capital $ 575.72
Facilicom
11/2/2001 34676 Judco Management $ 8,625.00
11/30/2001 34718 Apto Solutions $ 32,500.00
WorldxChange
11/2/2001 34674 Currie/Samuelson $ 10,000.00
11/2/2001 34675 IBM Corporation $ 55,346.48
11/9/2001 34692 US Trustee $ 750.00
11/15/2001 34693 US Trustee $ 750.00
11/30/2001 34724 Elite Transportation $ 9,969.20
-------------
$ 146,710.87
-------------
Total WAXS Disbursements $1,351,060.34
=============
OPERATING REPORT Page 7
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: November 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- -------------
11/6/2001 Multiple Payroll Checks $ 67,747.61
11/19/2001 Multiple Payroll Checks $ 60,788.89
-------------
Total WAXS Disbursements $ 128,536.50
=============
OPERATING REPORT Page 8
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: November 30, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- -----------
11/6/2001 ADP - Payroll Taxes $ 40,665.81
11/19/2001 ADP - Payroll Taxes $ 38,152.79
11/30/2001 ADP - Processing Fees $ 979.49
-----------
Total WAXS Disbursements $ 79,798.09
===========
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENTS LISTING
For the Month Ending: November 30, 2001
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- -----------
11/1/2001 Recourse Obligation $371,978.93
11/30/2001 Bank Fee $ 10.00
-----------
Total WAXS Disbursements $371,988.93
===========
OPERATING REPORT Page 10
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: November 30, 2001
STATEMENT OF INVENTORY
- ----------------------
Beginning Inventory $ --
Add: purchases $ --
Less: goods sold $ --
--------------
Ending inventory $ --
==============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 207,662.98
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 6 $7,487.04
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: November 30, 2001
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
------------------------------------------------------------
Beginning of month balance $ -- $11,481,439.86 $11,481,439.86
Add: sales on account $ -- $ -- $ --
expenses paid for affiliate $ -- $ 232,075.66 $ 232,075.66
cash advanced to affiliate $ -- $ 1,600.00 $ 1,600.00
Less: collections $ -- $ -- $ --
------------------------------------------------------------
End of month balance $ -- $11,715,115.52 $11,715,115.52
============================================================
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 $2,001,964.31 $16,808,871.92 $18,810,836.23
Add: sales on account $1,666,049.49 $ -- $ 1,666,049.49
Cash received on behalf of Affiliate $ -- $ 14,588.70 $ 14,588.70
Cash received from Affiliate $ -- $ -- $ --
Less: payments $(1,932,721.74) $ (317,500.00) $(2,250,221.74)
------------------------------------------------------------
End of month balance $1,735,292.06 $16,505,960.62 $18,241,252.68
============================================================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
----------- ----------- ----------- ------------ ------------------
$615,731.16 $418,012.03 $472,419.40 $229,129.47 $1,735,292.06
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: November 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 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 NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECIEPTS AND CASH DISBURSEMENTS
For the Month Ending: December 31, 2001
BEGINNING BALANCE IN ALL ACCOUNTS $28,514,665.26
RECEIPTS:
1. Receipts from Operations $ --
2. Other Receipts $ 184,294.59
Other receipts (Received on behalf of Affiliates) $ 14,588.70
--------------
TOTAL RECEIPTS $ 198,883.29
DISBURSEMENTS
3. Net Payroll
a. Officers $ 37,061.76
b. Others $ 93,575.94
4. Taxes
a. Federal Income Taxes $ 49,910.20
b. FICA Withholdings $ 5,872.53
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 5,872.54
e. Federal Unemployment Taxes $ 8.99
f. State Income Tax $ 6,537.52
g. State Employee withholdings $ 151.50
h. All other state taxes $ 39.33
5. Necessary Expenses
a. Rent or mortgage payment(s) $ --
b. Utilities $ 22,096.91
c. Insurance $ --
d. Merchandise bought for manufacture or sell $ --
e. Other necessary expenses
Professional and Bankruptcy Court Related Fees and Expenses $ 677,980.15
Employee Expenses $ 4,800.60
Office Supplies & Expenses $ 864.94
Other $ 2,817.00
--------------
TOTAL DISBURSEMENTS $ 907,743.85
Add: Disbursements made on behalf of Parent or Affiliates $ 255,403.72
--------------
ADJUSTED TOTAL DISBURSEMENTS $ 1,163,147.57
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (964,264.28)
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 $ 182,755.58
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 359,713.08
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ (150,459.07)
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 21,916.36
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 $20,676,547.57
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,109,589.28
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 81.95
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
--------------
ENDING BALANCE IN ALL ACCOUNTS $27,550,400.98
===============
OPERATING REPORT Page 1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: December 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
12/3/2001 Restor Telecom (WATP Receivable) $ 14,588.70
12/3/2001 Daniel Menken (Cobra) $ 664.14
12/3/2001 Martha Hernandez (Cobra) $ 223.07
12/3/2001 Howard Hoover (Asset Sale - Laptop & Desk) $ 650.00
12/3/2001 State of Pennsylvania (Tax Refund) $131,949.00
-----------
Total $148,074.91
Less: Receipts from or on behalf of Parent or Affiliates
WA Telecom Products Co., Inc.
12/3/2001 Restor Telecom (WATP Receivable) $ 14,588.70
-----------
14,588.70
-----------
Total WAXS Receipts 133,486.21
===========
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: December 31, 2001
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
12/31/2001 Interest Received $0.01
-----
Total WAXS Receipts $0.01
=====
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: December 31, 2001
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
12/31/2001 Interest Received - Strat Cash $37,124.08
12/31/2001 Interest Received - Money Market $ 3,586.97
----------
Total WAXS Receipts $40,711.05
==========
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: December 31, 2001
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
12/31/2001 Interest Received $10,097.32
----------
Total WAXS Receipts $10,097.32
==========
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: December 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
12/4/2001 Bank Fee $ 30.00
12/11/2001 Tele-Flex Technologies (FCI Billing System) $26,000.00
12/28/2001 Merrill Lynch (401k Withholdings) $ 153.94
----------
Total WAXS Disbursements $26,183.94
==========
Less: Disbursements made to or on
behalf of Parent or Affiliates
Facilicom
12/11/2001 Tele-Flex Technologies (FCI Billing System) $26,000.00
----------
$26,000.00
----------
Total WAXS Disbursements $ 183.94
==========
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: December 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
12/3/2001 E-Check Nextel Communications $ 6,496.10
12/6/2001 34727 North Atlanta Realty $ 28,021.13
12/7/2001 34728 Vanguard Archives $ 674.48
12/7/2001 34729 CLS Security $ 77.85
12/7/2001 34730 Airborne Express $ 308.48
12/7/2001 34731 Carlton Fields Attorney $ 172.50
12/7/2001 34732 Central Parking $ 440.00
12/7/2001 34733 Debra Dawn $ 720.00
12/7/2001 34734 GE Capital $ 575.72
12/7/2001 34735 Gillis Delaney Brown $ 2,213.41
12/7/2001 34736 Janet Collinsworth PC $ 18,308.45
12/7/2001 34737 Judco Management $ 8,625.00
12/7/2001 34738 MCI Worldcom $ 3,383.16
12/7/2001 34739 MCI Worldcom $ 37.97
12/7/2001 34740 Norton Rose $ 3,891.10
12/7/2001 34741 Poorman-Douglas $ 32,666.40
12/7/2001 34742 Winstead Sechrest & Minick $ 42,385.98
12/7/2001 34743 Pacific Bell $ 2,430.63
12/7/2001 34744 San Diego Gas & Electric $ 1,350.56
12/7/2001 34745 IBM Corporation $ 54,379.48
12/7/2001 34746 Fedex $ 57.34
12/7/2001 34747 Ernst & Young LLP $ 72,724.15
12/7/2001 34748 Gardner, Carlton & Douglas $ 6,690.74
12/7/2001 34749 Katten Muchin & Zavis $ 71,502.31
12/7/2001 34750 Lamberth Bonapfel Cifelli & Stokes $ 23,924.19
12/7/2001 34751 Long Aldridge & Norman $ 58,350.45
12/7/2001 34752 Nowalsky, Bronston & Gothard $ 27,020.68
12/7/2001 34753 Kamran Saeed $ 450.00
12/11/2001 34754 Sean Moore $ 1,112.50
12/14/2001 34755 Airborne Express $ 13.52
12/14/2001 34756 Debra Dawn $ 803.18
12/14/2001 34757 Lamberth Bonapfel Cifelli & Stokes $ 22,077.26
12/14/2001 34758 Long Aldridge & Norman $ 40,009.65
12/14/2001 34759 Price Waterhouse Coopers $ 78,963.83
12/19/2001 34760 Qwest $ 32.01
12/19/2001 34761 BellSouth $ 456.52
12/19/2001 34762 Virginia Cook $ 181.38
12/19/2001 34763 CT Corporation $ 579.50
12/19/2001 34764 Ernst & Young LLP $ 66,750.78
12/19/2001 34765 Fedex $ 231.81
12/19/2001 34766 Judco Management $ 8,625.00
12/19/2001 34767 MCI Worldcom $ 503.71
12/19/2001 34768 Office Depot $ 213.79
12/19/2001 34769 Kamran Saeed $ 450.00
12/19/2001 34770 Pacific Bell $ 737.00
12/28/2001 34771 Vanguard Archives $ 608.48
12/28/2001 34772 San Diego Gas & Electric $ 192.67
12/28/2001 34773 APTO Solutions $ 67,200.00
12/28/2001 34774 BellSouth $ 2,170.17
12/28/2001 34775 Ernst & Young LLP $ 71,128.72
12/28/2001 34776 Katten Muchin & Zavis $ 65,867.22
12/28/2001 34777 Lamberth Bonapfel Cifelli & Stokes $ 4,195.34
12/28/2001 34778 Long Aldridge & Norman $ 29,831.42
12/28/2001 34779 MCI Worldcom $ 37.43
12/28/2001 34780 MCI Worldcom $ 3,343.85
12/28/2001 34781 Nextel Communications $ 683.20
12/28/2001 34782 Kamran Saeed $ 225.00
12/28/2001 34783 Mark Warner $ 1,889.19
12/28/2001 34784 San Diego Gas & Electric $ 164.08
-----------
Total $937,156.47
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
12/6/2001 34727 North Atlanta Realty $ 28,021.13
12/7/2001 34734 GE Capital $ 575.72
Facilicom
12/7/2001 34737 Judco Management $ 8,625.00
12/19/2001 34766 Judco Management $ 8,625.00
12/28/2001 34773 APTO Solutions $67,200.00
World Access Telecommunication Group, Inc.
12/7/2001 34728 Vanguard Archives $ 674.48
12/7/2001 34736 Janet Collinsworth PC $18,308.45
12/7/2001 34742 Winstead Sechrest & Minick $42,385.98
12/28/2001 34771 Vanguard Archives $ 608.48
WorldxChange
12/7/2001 34745 IBM Corporation $ 54,379.48
------------
$229,403.72
------------
Total WAXS Disbursements $707,752.75
============
OPERATING REPORT Page 7
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: December 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
12/4/2001 Multiple Payroll Checks $ 80,962.22
12/18/2001 Multiple Payroll Checks $ 49,675.48
-----------
Total WAXS Disbursements $130,637.70
===========
OPERATING REPORT Page 8
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: December 31, 2001
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
12/4/2001 ADP - Payroll Taxes $36,335.58
12/18/2001 ADP - Payroll Taxes $32,057.03
12/28/2001 ADP - Processing Fees $ 766.85
----------
Total WAXS Disbursements $69,159.46
==========
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENTS LISTING
For the Month Ending: December 31, 2001
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
12/31/2001 Bank Fee $10.00
------
Total WAXS Disbursements $10.00
======
OPERATING REPORT Page 10
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: December 31, 2001
STATEMENT OF INVENTORY
Beginning Inventory $ --
Add: purchases $ --
Less: goods sold $ --
-----------
Ending inventory $ --
===========
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $199,184.25
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 7 $8,734.88
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: December 31, 2001
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
----------------------------------------------------------
Beginning of month balance $ -- $11,715,115.52 $11,715,115.52
Add: sales on account $ -- $ -- $ --
expenses paid for affiliate $ -- $ 255,403.72 $ 255,403.72
cash advanced to affiliate $ -- $ -- $ --
Less: collections $ -- $ -- $ --
----------------------------------------------------------
End of month balance $ -- $11,970,519.24 $11,970,519.24
==========================================================
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 $1,735,292.06 $16,505,960.62 $18,241,252.68
Add: sales on account $ 743,652.77 $ -- $ 743,652.77
Cash received on behalf of Affiliate $ -- $ 14,588.70 $ 14,588.70
Cash received from Affiliate $ -- $ -- $ --
Less: payments $ (907,743.85) $ -- $ (907,743.85)
--------------------------------------------------------------
End of month balance $1,571,200.98 $16,520,549.32 $18,091,750.30
==============================================================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ----------- ----------- ----------- ------------ ------------------
$622,015.02 $423,662.25 $113,608.46 $411,915.25 $1,571,200.98
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: December 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