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
SUMMARY OF CASH RECIEPTS AND CASH DISBURSEMENTS
For the Month Ending: April 30, 2002
BEGINNING BALANCE IN ALL ACCOUNTS $ 24,308,684.09
RECEIPTS:
1. Receipts from Operations
2. Other Receipts $ 287,690.04
Other receipts (Received on behalf of Affiliates) $ 1,612,741.88
--------------------
TOTAL RECEIPTS $ 1,900,431.92
DISBURSEMENTS
3. Net Payroll
a. Officers $ 36,711.61
b. Others $ 41,709.03
4. Taxes
a. Federal Income Taxes $ 21,869.85
b. FICA Withholdings $ 5,871.93
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 5,871.93
e. Federal Unemployment Taxes $ 8.59
f. State Income Tax $ 4,980.95
g. State Employee withholdings $ 141.19
h. All other state taxes $ 38.97
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 6,973.49
c. Insurance $ 6,977.20
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses
Professional and Bankruptcy Court Related Fees and Expenses $ 1,344,361.17
Employee Expenses $ 13,680.77
Office Supplies & Expenses $ 7,885.68
Other $ 37,044.53
--------------------
TOTAL DISBURSEMENTS $ 1,534,280.83
Add: Disbursements made on behalf of Parent or Affiliates $ 47,550.14
--------------------
ADJUSTED TOTAL DISBURSEMENTS $ 1,581,830.97
--------------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 318,600.95
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 $ 520,526.93
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ (210,010.33)
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 11,819.53
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 29,023.91
ENDING BALANCE IN Bank of America - Money Market 851018 $ 17,796,582.20
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,140,976.86
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 41.99
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
--------------------
ENDING BALANCE IN ALL ACCOUNTS $ 24,627,285.04
====================
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: April 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
4/1/02 Verso Technologies - Installment on Note $ 1,500,000.00
4/1/02 Linda Jacobsen $ 493.84
4/1/02 Gerald Ricks $ 5,000.00
4/1/02 Prudential Financial $ 284.40
4/2/02 World Access Charitable Trust (CRAT) $ 278,135.30
4/16/02 J. Smith Lanier $ 38.00
4/16/02 Linda Jacobsen $ 493.84
4/16/02 Daniel Menken $ 664.14
4/16/02 Gloria Mejorade $ 223.07
4/30/02 Verizon Logistics $ 107,741.88
--------------------
Total $ 1,893,074.47
Less: Receipts from or on behalf of Parent or Affiliates
WA Telecom Products Co., Inc.
4/1/02 Verso Technologies - Installment on Note $ 1,500,000.00
4/1/02 Gerald Ricks $ 5,000.00
4/30/02 Verizon Logistics $ 107,741.88
--------------------
1,612,741.88
--------------------
Total WAXS Receipts 280,332.59
====================
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: April 30, 2002
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
4/30/02 Interest Received $ 0.01
--------------------
Total WAXS Receipts $ 0.01
====================
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: April 30, 2002
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
Interest Received - Strat Cash Fund $ -
--------------------
Total WAXS Receipts $ -
====================
***Due to a change in the disbursement date of monthly interest dividends by
NationsFunds from the last business day of the month to the first, there was no
interest dividend on the Strat Cash Fund for the month of April. The dividend
was instead received into the account on May 1, 2002 and will henceforth be
reflected on the May 2002 Operating Report.
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: April 30, 2002
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
4/23/02 Interest Received $ 7,357.44
--------------------
Total WAXS Receipts $ 7,357.44
====================
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: April 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- ------
4/3/02 Bank Fee $ 30.00
4/5/02 American Express Tax & Business Services $ 343,252.67
4/11/02 Merrill Lynch $ 153.94
--------------------
Total WAXS Disbursements $ 343,436.61
====================
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: April 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
4/1/02 VOID 34768 Office Depot $ (213.79)
4/1/02 VOID 35444 NYS Sales Tax Processing Unit $ (335.12)
4/1/02 VOID 35447 Oklahoma High Cost Fund $ (7,676.00)
4/1/02 VOID 35622 Indiana Workforce Development $ (288.00)
4/5/02 35629 ADP Investor Communications $ 7,880.50
4/5/02 35630 APTO Solutions $ 1,300.73
4/5/02 35631 Central Parking Systems $ 440.00
4/5/02 35632 Debra Dawn $ 3,706.00
4/5/02 35633 Stuart C. Gilson $ 20,000.00
4/5/02 35634 Jay Alix & Associates $ 9,102.23
4/5/02 35635 MCI Worldcom $ 508.51
4/5/02 35636 Michael Mies $ 597.50
4/5/02 35637 North Atlanta Realty $ 29,137.76
4/5/02 35638 Nextel Communications $ 526.69
4/5/02 35639 Poorman-Douglas $ 51,398.72
4/5/02 35640 PriceWaterhouseCoopers $ 14,881.92
4/5/02 35641 Prudential Securites $ 111.80
4/5/02 35642 Kamran Saeed $ 450.00
4/5/02 35643 Mark Warner $ 5,000.00
4/5/02 35644 Winstead Sechrest & Minick $ 16,407.96
4/5/02 35645 Pacific Bell $ 338.76
4/12/02 35646 Copytec, Inc. $ 917.83
4/12/02 35647 Debra Dawn $ 1,892.95
4/12/02 35648 Federal Express $ 946.70
4/12/02 35649 GE Capital $ 575.72
4/12/02 35650 Katten Muchin Zavis Roseman $ 337,251.47
4/12/02 35651 Lamberth, Bonapfel, Cifelli & Stokes $ 12,377.28
4/12/02 35652 Liberty Mutual $ 2,639.00
4/12/02 35653 McKenna, Long & Aldridge $ 63,611.49
4/12/02 35654 MCI Worldcom $ 3,087.77
4/12/02 35655 MCI Worldcom $ 149.36
4/12/02 35656 Metropolitan Life Insurance $ 3,337.02
4/12/02 35657 Michael Mies $ 882.69
4/12/02 35658 Kamran Saeed $ 450.00
4/12/02 35659 State Compensation Insurance $ 1,001.18
4/12/02 35660 U.S. Trustee $ 2,500.00
4/12/02 35661 Velocity Express $ 6.66
4/12/02 35662 Pacific Bell $ 336.44
4/12/02 35664 San Diego Gas & Electric $ 323.85
4/19/02 35665 Apollo Consulting $ 2,000.00
4/19/02 35666 Cadwalader, Wickersham & Taft $ 219,001.00
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: April 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
4/19/02 35667 Debra Dawn $ 3,681.28
4/19/02 35668 Federal Express $ 674.05
4/19/02 35669 Judco Management $ 8,625.00
4/19/02 35670 Legalink Chicago $ 6,023.90
4/19/02 35671 MCI Worldcom $ 508.51
4/19/02 35672 Nextel Communications $ 723.23
4/19/02 35673 Nowalsky, Bronston & Gothard $ 3,003.05
4/19/02 35674 Kamran Saeed $ 450.00
4/19/02 35675 SK Advertising $ 13,333.05
4/19/02 35676 Mark Warner $ 5,000.00
4/19/02 35678 Ernst & Young LLP $ 108,576.00
4/25/02 35679 Vanguard Archives $ 641.48
4/25/02 35680 American Express $ 121,035.28
4/25/02 35681 Ascom Hasler Leasing $ 173.34
4/25/02 35682 BellSouth $ 470.37
4/25/02 35683 Coleman Technologies $ 50.00
4/25/02 35684 Continental Stock Transfer & Trust $ 1,635.46
4/25/02 35685 Debra Dawn $ 2,575.88
4/25/02 35686 Federal Express $ 842.06
4/25/02 35687 H. Peter Gant $ 192.47
4/25/02 35688 Latham & Watkins $ 30,127.60
4/25/02 35689 Kamran Saeed $ 450.00
4/25/02 35690 Systems Union $ 3,580.00
4/25/02 35691 Sean Moore $ 1,525.00
---------------------
Total $ 1,120,461.59
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
4/5/02 35637 North Atlanta Realty $ 29,137.76
4/12/02 35649 GE Capital $ 575.72
4/25/02 35681 Ascom Hasler Leasing $ 173.34
Facilicom
4/19/02 35669 Judco Management $ 8,625.00
World Access Telecommunication Group, Inc.
4/5/02 35644 Winstead Sechrest & Minick $ 16,407.96
4/25/02 35679 Vanguard Archives $ 641.48
OPERATING REPORT Page 7 Page 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: April 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
WorldxChange
4/1/02 VOID 35444 NYS Sales Tax Processing Unit $ (335.12)
4/1/02 VOID 35447 Oklahoma High Cost Fund $ (7,676.00)
---------------------
Total Affiliate Payments $ 47,550.14
---------------------
Total WAXS Disbursements $ 1,072,911.45
=====================
OPERATING REPORT Page 7 Page 3 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: April 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
4/11/02 Multiple Payroll Checks $ 40,488.65
4/25/02 Multiple Payroll Checks $ 37,931.99
-----------------------
Total WAXS Disbursements $ 78,420.64
=======================
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: April 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- ------
4/10/02 ADP - Payroll Tax Withholdings $ 20,246.22
4/24/02 ADP - Payroll Tax Withholdings $ 18,537.19
4/26/02 ADP - Payroll Processing Fees $ 718.72
-----------------------
Total WAXS Disbursements $ 39,502.13
=======================
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
DISBURSEMENTS LISTING
For the Month Ending: April 30, 2002
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
4/30/02 Bank Fee $ 10.00
---------------------------
Total WAXS Disbursements $ 10.00
===========================
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: April 30, 2002
STATEMENT OF INVENTORY
- ----------------------
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
-------------------------
Ending inventory $ -
=========================
PAYROLL INFORMATION STATEMENT
- -----------------------------
Gross payroll for this period $ 117,357.99
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 10 $ 12,478.40
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: April 30, 2002
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
-------------------------------------------------------------------
Beginning of month balance $ - $12,534,503.01 $12,534,503.01
Add: sales on account $ - $ - -
expenses paid for affiliate $ - $ 47,550.14 $ 47,550.14
cash advanced to affiliate $ - $ - -
Less: collections $ - $ - -
-------------------------------------------------------------------
End of month balance $ - $12,582,053.15 $12,582,053.15
===================================================================
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 $ 2,864,050.55 $16,580,549.32 $19,444,599.87
Add: sales on account $ 1,969,745.60 $ - $ 1,969,745.60
Cash received on behalf of Affiliate $ - $ 1,612,741.88 $ 1,612,741.88
Cash received from Affiliate $ - $ - -
Less: payments $ (1,534,280.83) $ - $(1,534,280.83)
-------------------------------------------------------------------
End of month balance $ 3,299,515.32 $18,193,291.20 $21,492,806.52
===================================================================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 1,707,551.02 $ 286,176.52 $ 153,432.48 $ 1,152,355.30 $ 3,299,515.32
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: April 30, 2002
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.
-----------------------------------------
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 RECIEPTS AND CASH DISBURSEMENTS
For the Month Ending: May 31, 2002
BEGINNING BALANCE IN ALL ACCOUNTS $ 24,627,285.04
RECEIPTS:
1. Receipts from Operations
2. Other Receipts $ 89,061.46
Other receipts (Received on behalf of Affiliates) $ 86,128.79
---------------------------
TOTAL RECEIPTS $ 175,190.25
DISBURSEMENTS
3. Net Payroll
a. Officers $ 37,397.75
b. Others $ 43,820.25
4. Taxes
a. Federal Income Taxes $ 22,376.65
b. FICA Withholdings $ 5,129.88
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 5,129.87
e. Federal Unemployment Taxes $ 9.98
f. State Income Tax $ 5,036.95
g. State Employee withholdings $ 142.78
h. All other state taxes $ 376.70
5. Necessary Expenses
a. Rent or mortgage payment(s) $ 10,938.00
b. Utilities $ 17,679.31
c. Insurance $ 11,038.59
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses
Professional and Bankruptcy Court Related Fees and Expenses $ 1,181,343.36
Employee Expenses $ 26,350.57
Office Supplies & Expenses $ 6,676.98
Other $ 29,320.09
---------------------------
TOTAL DISBURSEMENTS $ 1,402,921.85
Add: Disbursements made on behalf of Parent or Affiliates $ 80,304.42
---------------------------
ADJUSTED TOTAL DISBURSEMENTS $ 1,483,226.27
---------------------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (1,308,036.02)
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 $ 622,527.93
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ (151,097.17)
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 20,601.53
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 14,851.70
ENDING BALANCE IN Bank of America - Money Market 851018 $ 16,325,954.27
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,148,054.82
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 31.99
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
---------------------------
ENDING BALANCE IN ALL ACCOUNTS $ 23,319,249.02
===========================
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, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- -------------
05/03/02 Primetec Int'l (Reimbursement) $ 50,000.00
5/30/02 Gerald Ricks $ 5,000.00
5/30/02 Linda Jacobsen $ 493.84
5/30/02 IDS Telecom $ 12,000.00
5/30/02 Prudential Securities $ 67.33
5/30/02 Daniel Menken $ 664.14
5/30/02 State of Calif. - EE Development $ 27.98
5/30/02 Gloria Mejorado $ 223.07
5/30/02 Megan Hibbeler $ 223.07
5/30/02 Megan Hibbeler $ 446.14
5/30/02 State of Texas $ 1,665.97
5/30/02 State of Florida $ 2,112.93
5/30/02 Bank of America $ 45.63
5/30/02 Net One Telecommunications $ 1,700.00
5/30/02 Linda Jacobsen $ 493.84
5/30/02 Gerald Ricks $ 5,000.00
5/30/02 Steel City Telecom $ 2,333.33
5/30/02 Net One Telecommunications $ 1,700.00
5/30/02 Apto Solutions $ 15,650.00
5/30/02 Net-Telco $ 500.00
5/30/02 New Global Telecom $ 4,431.00
5/30/02 Capsule Communications $ 33,961.95
----------------
Total $ 138,740.22
Less: Receipts from or on behalf of Parent or Affiliates
WA Telecom Products Co., Inc.
5/30/02 Gerald Ricks $ 5,000.00
5/30/02 Gerald Ricks $ 5,000.00
Facilicom
5/30/02 IDS Telecom $ 12,000.00
5/30/02 Net One Telecommunications $ 1,700.00
5/30/02 Net One Telecommunications $ 1,700.00
5/30/02 Apto Solutions $ 15,650.00
5/30/02 Net-Telco $ 500.00
5/30/02 Capsule Communications $ 33,961.95
World Access Telecommunication Group, Inc.
5/30/02 Steel City Telecom $ 2,333.33
5/30/02 New Global Telecom $ 4,431.00
WorldxChange
5/30/02 State of Calif. - EE Development $ 27.98
5/30/02 State of Texas $ 1,665.97
5/30/02 State of Florida $ 2,112.93
5/30/02 Bank of America $ 45.63
----------------
Total Affiliate Receipts $ 86,128.79
----------------
Total WAXS Receipts $ 52,611.43
================
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, 2002
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
05/31/02 Interest Received $ -
-----------------
Total WAXS Receipts $ -
=================
*No interest earned this period.
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, 2002
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
05/01/02 Interest Received - Strat Cash Fund $ 29,372.07
-----------------
Total WAXS Receipts $ 29,372.07
=================
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, 2002
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------
05/29/02 Interest Received $ 7,077.96
--------------------
Total WAXS Receipts $ 7,077.96
====================
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, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- ------
05/03/02 Wire Fee $ 20.00
05/03/02 Bank Fee $ 30.00
05/03/02 Wire - American Express Tax & Business Svcs $ 121,035.28
05/06/02 Merrilly Lynch - 401k Loan W/H $ 153.94
05/14/02 CMRS/Ascom $ 500.00
--------------
Total WAXS Disbursements $ 121,739.22
==============
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, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
05/01/02 VOID 35680 American Express Tax & Business Svcs $ (121,035.28)
05/03/02 35692 Apollo Consulting $ 2,000.00
05/03/02 35693 BellSouth $ 2,192.35
05/03/02 35694 CNA Insurance $ 4,302.00
05/03/02 35696 Federal Express $ 803.87
05/03/02 35697 Stuart C. Gilson $ 14,087.50
05/03/02 35698 MCI Worldcom $ 37.97
05/03/02 35699 MCI Worldcom $ 3,353.41
05/03/02 35700 North Atlanta Realty $ 29,137.76
05/03/02 35701 Kamran Saeed $ 450.00
05/03/02 35702 Waste Management $ 698.51
05/03/02 35703 Winstead Sechrest & Minick $ 7,163.65
05/03/02 35704 Pacific Bell $ 98.80
05/10/02 35705 ADP Investor Communications $ 1,393.60
05/10/02 35706 American Express Tax & Business Svcs $ 115,072.37
05/10/02 35707 Copytec, Inc. $ 4,622.13
05/10/02 35708 Debra Dawn, ESQ $ 4,335.94
05/10/02 35709 Ernst & Young LLP $ 76,823.02
05/10/02 35710 Federal Express $ 606.86
05/10/02 35711 GE Capital $ 575.72
05/10/02 35712 Judco Management, Inc. $ 8,625.00
05/10/02 35713 Klee, Tuchin, Bogdanoff & Stern $ 3,172.50
05/10/02 35714 MCI Worldcom $ 116.20
05/10/02 35715 MDC-Mark II $ 10,938.00
05/10/02 35716 Metlife $ 3,255.92
05/10/02 35717 Nextel Communications $ 579.39
05/10/02 35718 Poorman-Douglas Corp. $ 16,290.11
05/10/02 35719 PriceWaterhouseCoopers LLP $ 46,287.39
05/10/02 35720 Royal Cup Coffee $ 102.25
05/10/02 35721 Kamran Saeed $ 450.00
05/10/02 35722 Pacific Bell $ 94.71
05/10/02 35723 San Diego Gas & Electric $ 289.27
05/14/02 35724 Debra Dawn, ESQ $ 3,140.23
05/17/02 35725 American Express Tax & Business Svcs $ 101,698.78
05/17/02 35726 Cadwalder, Wickersham & Taft $ 160,526.69
05/17/02 35727 Chatham Technologies $ 20,404.88
05/17/02 35728 Debra Dawn, ESQ $ 2,723.80
05/17/02 35729 Federal Express $ 156.81
05/17/02 35730 Katten Muchin Zavis Roseman $ 325,953.42
05/17/02 35731 Lanier Parking Systems $ 715.00
05/17/02 35732 MCI Worldcom $ 2,287.28
OPERATING REPORT Page 7 Page 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: May 31, 2002
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
05/17/02 35733 Nextel Communications $ 669.29
05/17/02 35734 Kamran Saeed $ 450.00
05/17/02 35735 Salomon Smith Barney $ 1,860.97
05/17/02 35736 Carl Sonne $ 100.61
05/17/02 35737 State Compensation Insurance Board $ 198.72
05/17/02 35738 Mark Warner $ 5,000.00
05/17/02 35739 Pacific Bell $ 338.26
05/22/02 35740 Indiana Secretary of State $ 30.00
05/24/02 35741 Vanguard Archives $ 641.48
05/24/02 35742 American Express Tax & Business Svcs $ 59,509.40
05/24/02 35743 Apto Solutions $ 1,615.00
05/24/02 35744 Walter Burmeister $ 782.91
05/24/02 35745 CLS Security Electronics $ 77.85
05/24/02 35746 Continental Stock Trust & Transfer $ 812.41
05/24/02 35747 Cornerstone Research $ 30,147.00
05/24/02 35748 Debra Dawn, ESQ $ 3,008.95
05/24/02 35749 Federal Express $ 498.50
05/24/02 35750 H. Peter Gant $ 336.83
05/24/02 35751 Stuart C. Gilson $ 82,899.39
05/24/02 35752 Global Legal Copy, LLC $ 3,175.73
05/24/02 35753 Ikon Office Solutions $ 480.75
05/24/02 35754 KPMG $ 1,083.50
05/24/02 35755 MCI Worldcom $ 932.91
05/24/02 35756 MCI Worldcom $ 508.51
05/24/02 35757 Nowalsky Bronston & Gothard $ 827.35
05/24/02 35758 Kamran Saeed $ 450.00
05/24/02 35759 Velocity Express $ 65.99
05/31/02 35760 BellSouth $ 470.37
05/31/02 35761 BellSouth $ 2,234.95
05/31/02 35762 Coleman Technologies $ 50.00
05/31/02 35763 Debra Dawn, ESQ $ 4,671.30
05/31/02 35764 Federal Express $ 341.34
05/31/02 35765 Lamberth, Bonapfel, Cifelli & Stokes $ 24,515.33
05/31/02 35766 McKenna Long & Aldridge $ 110,695.03
05/31/02 35767 MCI Worldcom $ 3,353.41
05/31/02 35768 Merrill Lynch Pierce Fenner Smith $ 5,710.00
05/31/02 35769 Kamran Saeed $ 450.00
05/31/02 35770 United Healthcare $ 3,281.95
05/31/02 35771 Winstead Sechrest & Minick $ 34,160.81
05/31/02 35772 Pacific Bell $ 122.23
---------------
Total $ 1,241,086.84
OPERATING REPORT Page 7 Page 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: May 31, 2002
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
05/03/02 35700 North Atlanta Realty $ 29,137.76
05/10/02 35711 GE Capital $ 575.72
Facilicom
05/10/02 35712 Judco Management, Inc. $ 8,625.00
World Access Telecommunication Group, Inc.
05/03/02 35703 Winstead Sechrest & Minick $ 7,163.65
05/24/02 35741 Vanguard Archives $ 641.48
05/31/02 35771 Winstead Sechrest & Minick $ 34,160.81
WorldxChange
----------------
Total Affiliate Payments $ 80,304.42
----------------
Total WAXS Disbursements $ 1,160,782.42
================
OPERATING REPORT Page 7 Page 3 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: May 31, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
05/08/02 Multiple Payroll Checks $ 42,299.63
05/22/02 Multiple Payroll Checks $ 38,918.37
------------------
Total WAXS Disbursements $ 81,218.00
==================
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: May 31, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
05/08/02 ADP - Payroll Tax Withholdings $ 20,487.39
05/22/02 ADP - Payroll Tax Withholdings $ 17,715.62
05/31/02 ADP - Payroll Processing Fees $ 969.20
------------
Total WAXS Disbursements $ 39,172.21
============
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: May 31, 2002
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
05/31/02 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: May 31, 2002
STATEMENT OF INVENTORY
- ----------------------
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
-------------
Ending inventory $ -
=============
PAYROLL INFORMATION STATEMENT
- -----------------------------
Gross payroll for this period $ 119,574.95
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 10 $ 12,478.40
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: May 31, 2002
STATEMENT OF AGED RECEIVABLES
- -----------------------------
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
-------------------------------------------------------
Beginning of month balance $ - $ 12,582,053.15 $ 12,582,053.15
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 80,304.42 $ 80,304.42
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
-------------------------------------------------------
End of month balance $ - $ 12,662,357.57 $ 12,662,357.57
=======================================================
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 $ 3,299,515.32 $ 18,193,291.20 $ 21,492,806.52
Add: sales on account $ 1,363,920.34 $ - $ 1,363,920.34
Cash received on behalf of Affiliate $ - $ 86,128.79 $ 86,128.79
Cash received from Affiliate $ - $ - $ -
Less: payments $ (1,402,921.85) $ - $ (1,402,921.85)
----------------------------------------------------------------
End of month balance $ 3,260,513.81 $ 18,279,419.99 $ 21,539,933.80
================================================================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 1,176,169.26 $ 512,785.13 $ 286,176.52 $ 1,285,382.90 $ 3,260,513.81
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: May 31, 2002
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.
-------------------------------------
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: June 30, 2002
BEGINNING BALANCE IN ALL ACCOUNTS $ 23,319,249.02
RECEIPTS:
1. Receipts from Operations
2. Other Receipts $ 36,435.62
Other receipts (Received on behalf of Affiliates) $ -
----------------
TOTAL RECEIPTS $ 36,435.62
DISBURSEMENTS
3. Net Payroll
a. Officers $ 37,397.75
b. Others $ 40,787.89
4. Taxes
a. Federal Income Taxes $ 21,289.65
b. FICA Withholdings $ 4,132.47
c. Employee's withholdings $ 307.88
d. Employer's FICA $ 4,132.48
e. Federal Unemployment Taxes $ 1.07
f. State Income Tax $ 5,020.68
g. State Employee withholdings $ 140.98
h. All other state taxes $ 4.67
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 9,762.76
c. Insurance $ 10,541.33
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses
Professional and Bankruptcy Court Related Fees and Expenses $ 776,506.95
Employee Expenses $ 13,077.54
Office Supplies & Expenses $ 11,045.83
Other $ 9,041.47
----------------
TOTAL DISBURSEMENTS $ 943,191.40
Add: Disbursements made on behalf of Parent or Affiliates $ 53,536.20
----------------
ADJUSTED TOTAL DISBURSEMENTS $ 996,727.60
----------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (960,291.98)
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group $ (6,764.33)
NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C $ (65,511.95)
NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc. $ -
NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange $ (3,852.51)
----------------
NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD $ (76,128.79)
----------------
ENDING BALANCE IN Bank of America - Master 03751046297 $ 356,507.40
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 16,083.62
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 32,415.89
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 29,476.83
ENDING BALANCE IN Bank of America - Money Market 851018 $ 15,354,779.83
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,155,218.73
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 22.00
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
----------------
ENDING BALANCE IN ALL ACCOUNTS $ 22,282,828.25
================
OPERATING REPORT Page 1
IN THE UNITED STATES 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: June 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
06/11/02 Gloria Mejorado $ 223.07
06/11/02 Megan Hibbeler $ 223.07
---------------
Total WAXS Receipts $ 446.14
===============
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: June 30, 2002
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
06/28/02 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: June 30, 2002
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
06/03/02 Interest Received - Strat Cash Fund $ 28,825.56
-------------
Total WAXS Receipts $ 28,825.56
=============
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: June 30, 2002
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
06/25/02 Interest Received $ 7,163.91
------------
Total WAXS Receipts $ 7,163.91
============
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: June 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
06/04/02 Bank Fee $ 30.00
06/04/02 Facilicom (Xfer IDS Telecom Receipt) $ 12,000.00
06/04/02 Facilicom (Xfer Net One Telecommunications Receipt) $ 1,700.00
06/04/02 Facilicom (Xfer Net One Telecommunications Receipt) $ 1,700.00
06/04/02 Facilicom (Xfer Asset Sale Proceeds from Apto Solutions) $ 15,650.00
06/04/02 Facilicom (Xfer Asset Sale Proceeds from Net-Telco) $ 500.00
06/04/02 Facilicom (Xfer Capsule Communications Receipt) $ 33,961.95
06/04/02 Primetec/WATG (Xfer Steel City Telecom Receipt) $ 2,333.33
06/04/02 Primetec/WATG (Xfer New Global Telecom Receipt) $ 4,431.00
06/04/02 WXC (Xfer State of Calif. - EE Development Refund) $ 27.98
06/04/02 WXC (Xfer State of Texas Refund) $ 1,665.97
06/04/02 WXC (Xfer State of Florida Refund) $ 2,112.93
06/04/02 WXC (Xfer Bank of America Receipt) $ 45.63
06/05/02 Merrill Lynch $ 153.94
06/28/02 Merrill Lynch $ 153.94
-------------
Total WAXS Disbursements $ 76,466.67
=============
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
6/4/02 Facilicom (Xfer IDS Telecom Receipt) $ 12,000.00
6/4/02 Facilicom (Xfer Net One Telecommunications Receipt) $ 1,700.00
6/4/02 Facilicom (Xfer Net One Telecommunications Receipt) $ 1,700.00
6/4/02 Facilicom (Xfer Asset Sale Proceeds from Apto Solutions) $ 15,650.00
6/4/02 Facilicom (Xfer Asset Sale Proceeds from Net-Telco) $ 500.00
6/4/02 Facilicom (Xfer Capsule Communications Receipt) $ 33,961.95
World Access Telecommunication Group, Inc.
6/4/02 Primetec/WATG (Xfer Steel City Telecom Receipt) $ 2,333.33
6/4/02 Primetec/WATG (Xfer New Global Telecom Receipt) $ 4,431.00
WorldxChange
6/4/02 WXC (Xfer State of Calif. - EE Development Refund) $ 27.98
6/4/02 WXC (Xfer State of Texas Refund) $ 1,665.97
6/4/02 WXC (Xfer State of Florida Refund) $ 2,112.93
6/4/02 WXC (Xfer Bank of America Receipt) $ 45.63
------------
Total Affiliate Payments $ 76,128.79
------------
Total WAXS Disbursements $ 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: June 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
06/04/02 35773 Apollo Consulting $ 2,000.00
06/04/02 35774 North Atlanta Realty Acquisition $ 29,137.76
06/04/02 35777 U.S. Trustee $ 7,500.00
06/04/02 35777 U.S. Trustee $ 1,000.00
06/04/02 35777 U.S. Trustee $ 4,500.00
06/04/02 35777 U.S. Trustee $ 3,750.00
06/04/02 35777 U.S. Trustee $ 750.00
06/04/02 35778 U.S. Trustee $ 7,500.00
06/04/02 35778 U.S. Trustee $ 500.00
06/04/02 35778 U.S. Trustee $ 1,500.00
06/04/02 35778 U.S. Trustee $ 1,250.00
06/04/02 35778 U.S. Trustee $ 500.00
06/06/02 35779 American Express Tax & Business Svcs $ 35,367.45
06/06/02 35780 The Atlanta Journal Constitution $ 113.91
06/06/02 35781 Bowne of Atlanta $ 4,111.00
06/06/02 35782 Virginia Cook $ 241.75
06/06/02 35783 Debra Dawn $ 584.80
06/06/02 35784 Ernst & Young LLP $ 82,568.99
06/06/02 35785 Federal Express $ 269.46
06/06/02 35786 Lanier Parking $ 715.00
06/06/02 35787 MCI Worldcom $ 37.42
06/06/02 35788 Metlife $ 3,093.72
06/06/02 35789 Poorman-Douglas $ 5,449.28
06/06/02 35790 PriceWaterhouseCoopers LLP $ 59,370.80
06/06/02 35791 Kamran Saeed $ 450.00
06/06/02 35792 Southern Office Systems $ 271.08
06/06/02 35793 Verizon Select Services $ 130.00
06/06/02 35794 Pacific Bell $ 97.60
06/12/02 35795 Debra Dawn $ 8,032.66
06/12/02 35796 Kamran Saeed $ 450.00
06/14/02 35797 American Express Tax & Business Svcs $ 17,848.68
06/14/02 35798 Federal Express $ 497.86
06/14/02 35800 MCI Worldcom $ 2,284.40
06/14/02 35801 Nextel Communications $ 500.91
06/14/02 35802 Nextel Communications $ 650.42
06/14/02 35803 State Compensation Insurance Fund $ 295.61
06/14/02 35804 Mark Warner $ 5,000.00
06/14/02 35805 Pacific Bell $ 394.97
06/14/02 35806 Judco Management $ 8,625.00
06/14/02 35807 Vanguard Archives $ 641.48
06/21/02 35808 Tod Chmar $ 2,441.09
OPERATING REPORT Page 7 Page 1 of 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
DISBURSEMENT LISTING
For the Month Ending: June 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
06/21/02 35809 Virginia Cook $ 147.98
06/21/02 35810 Copytec, Inc. $ 5,664.60
06/21/02 35811 Federal Express $ 313.81
06/21/02 35812 H. Peter Gant $ 1,239.26
06/21/02 35813 Global Legal Copy $ 3,799.87
06/21/02 35814 Katten Muchin Zavis Roseman $ 404,499.69
06/21/02 35815 Kirkland & Ellis $ 682.90
06/21/02 35816 Liticorp, Inc. $ 305.90
06/21/02 35817 MCI Worldcom $ 1,000.95
06/21/02 35818 Nowalsky, Bronston & Gothard $ 1,250.66
06/21/02 35819 Kamran Saeed $ 450.00
06/21/02 35820 San Diego Gas & Electric $ 302.20
06/21/02 35821 Kelley Drye & Warren $ 12,345.74
06/21/02 35822 Vanguard Archives $ 1,381.96
06/28/02 35823 American Express Tax & Business Svcs $ 22,247.16
06/28/02 35824 BellSouth $ 470.37
06/28/02 35825 Coleman Technologies $ 50.00
06/28/02 35826 Continental Stock Trust & Transfer $ 851.65
06/28/02 35827 Debra Dawn $ 390.00
06/28/02 35828 Federal Express $ 2,406.94
06/28/02 35829 Gardner Carton & Douglas $ 56,951.25
06/28/02 35830 Lamberth, Bonapfel Cifelli & Stokes $ 12,807.28
06/28/02 35831 Liberty Mutual $ 7,152.00
06/28/02 35832 McKenna Long & Aldridge $ 40,346.70
06/28/02 35833 MCI Worldcom $ 510.37
06/28/02 35834 MCI Worldcom $ 37.97
06/28/02 35835 MCI Worldcom $ 3,354.55
06/28/02 35836 Philpot Relocation $ 726.95
06/28/02 35837 Royal Cup Coffee $ 127.72
06/28/02 35838 Kamran Saeed $ 450.00
06/28/02 35839 Velocity Express $ 9.05
06/28/02 35840 Pacific Bell $ 120.63
--------------
Total $ 882,819.21
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
06/04/02 35774 North Atlanta Realty Acquisition $ 29,137.76
06/04/02 35777 U.S. Trustee $ 1,000.00
06/04/02 35778 U.S. Trustee $ 500.00
OPERATING REPORT Page 7 Page 2 of 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
DISBURSEMENT LISTING
For the Month Ending: June 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
Facilicom
06/04/02 35777 U.S. Trustee $ 3,750.00
06/04/02 35778 U.S. Trustee $ 1,250.00
06/14/02 35806 Judco Management $ 8,625.00
World Access Telecommunication Group, Inc.
06/04/02 35777 U.S. Trustee $ 750.00
06/04/02 35778 U.S. Trustee $ 500.00
06/14/02 35807 Vanguard Archives $ 641.48
06/21/02 35822 Vanguard Archives $ 1,381.96
WorldxChange
06/04/02 35777 U.S. Trustee $ 4,500.00
06/04/02 35778 U.S. Trustee $ 1,500.00
--------------
Total Affiliate Payments $ 53,536.20
--------------
Total WAXS Disbursements $ 829,283.01
==============
OPERATING REPORT Page 7 Page 3 of 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
DISBURSEMENT LISTING
For the Month Ending: June 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
06/04/02 Multiple Payroll Checks $ 39,089.18
06/19/02 Multiple Payroll Checks $ 39,096.46
-------------
Total WAXS Disbursements $ 78,185.64
=============
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: June 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
06/04/02 ADP - Payroll Tax Withholdings $ 17,567.28
06/19/02 ADP - Payroll Tax Withholdings $ 17,154.72
06/28/02 ADP - Payroll Processing Fees $ 652.87
-------------
Total WAXS Disbursements $ 35,374.87
=============
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: June 30, 2002
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
06/28/02 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: June 30, 2002
STATEMENT OF INVENTORY
- ----------------------
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
-----------------
Ending inventory $ -
=================
PAYROLL INFORMATION STATEMENT
- -----------------------------
Gross payroll for this period $ 113,215.52
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 10 $ 12,478.40
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: June 30, 2002
STATEMENT OF AGED RECEIVABLES
- -----------------------------
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
--------------------------------------------------------
Beginning of month balance $ - $ 12,662,357.57 $ 12,662,357.57
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 53,536.20 $ 53,536.20
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
--------------------------------------------------------
End of month balance $ - $ 12,715,893.77 $ 12,715,893.77
========================================================
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 $ 3,260,513.81 $ 18,279,419.99 $ 21,539,933.80
Add: sales on account $ 1,938,762.23 $ - $ 1,938,762.23
Cash received on behalf of Affiliate $ - $ - $ -
Cash received from Affiliate $ - $ - $ -
Less: payments $ (943,191.40) $ (76,128.79) $ (1,019,320.19)
-----------------------------------------------------------
End of month balance $4,256,084.64 18,203,291.20 $ 22,459,375.84
===========================================================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 1,767,139.78 $ 404,600.31 $ 512,785.13 $ 1,571,559.42 $ 4,256,084.64
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: June 30, 2002
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.
------------------------------------
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 14