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 RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: October 31, 2002
BEGINNING BALANCE IN ALL ACCOUNTS $ 20,945,245.39
RECEIPTS:
1. Receipts from Operations
2. Other Receipts $ 233,954.59
Other receipts (Received on behalf of Affiliates) $ 511,543.00
---------------
TOTAL RECEIPTS $ 745,497.59
DISBURSEMENTS
3. Net Payroll
a. Officers $ 38,065.45
b. Others $ 40,902.91
4. Taxes
a. Federal Income Taxes $ 21,890.02
b. FICA Withholdings $ 3,087.22
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 3,087.23
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 5,385.33
g. State Employee withholdings $ 8.99
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ 32,814.00
b. Utilities $ 11,558.06
c. Insurance $ 18,716.44
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses
Professional and Bankruptcy Court Related Fees and Expenses $ 387,928.76
Employee Expenses $ 12,211.86
Office Supplies & Expenses $ 5,049.18
Other $ 241,348.13
---------------
TOTAL DISBURSEMENTS $ 822,207.52
Add: Disbursements made on behalf of Parent or Affiliates $ 89,760.79
---------------
ADJUSTED TOTAL DISBURSEMENTS $ 911,968.31
---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (166,470.72)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 137,063.60
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 271,735.02
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 62,340.76
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 25,167.53
ENDING BALANCE IN Bank of America - Money Market 851018 $ 13,702,703.76
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,181,873.97
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,392,900.03
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
---------------
ENDING BALANCE IN ALL ACCOUNTS $ 20,778,774.67
===============
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: October 31, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
10/01/02 Verso Technologies $ 500,000.00
10/02/02 Bankers Direct Leasing $ 50,000.00
10/10/02 FCI - Switzerland $ 0.75
10/10/02 FCI - Austria $ 7,032.14
10/21/02 Primetec Int'l (WAXS UK-Ltd) $ 2,072.27
10/21/02 Megan Hibbler $ 224.07
10/21/02 American Express Tax & Business Services $ 60,530.02
10/22/02 UK Waxs $ 118.50
10/23/02 Verso Technologies $ 11,543.00
10/28/02 FCI - Spain $ 4,587.03
10/29/02 FCI - Netherlands $ 20,584.55
------------
Total WAXS Receipts $ 656,692.33
============
Less: Receipts made to or on behalf of Affiliates.
WA Telecom Products Co., Inc.
10/01/02 Verso Technologies $ 500,000.00
10/23/02 Verso Technologies $ 11,543.00
------------
Total Affiliate Receipts $ 511,543.00
------------
Total WAXS Receipts $ 145,149.33
============
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: October 31, 2002
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
10/15/02 Interest Received $ 59,566.08
-----------
Total WAXS Receipts $ 59,566.08
===========
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: October 31, 2002
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
10/01/02 Interest Received - Strat Cash Fund $ 22,837.54
-----------
Total WAXS Receipts $ 22,837.54
===========
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: October 31, 2002
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
10/01/02 Interest Received $ 6,401.36
10/23/02 Interest Received $ 0.28
----------
Total WAXS Receipts $ 6,401.64
==========
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: October 31, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
10/03/02 Bank Fees $ 30.00
10/04/02 Tele-flex Technologies $ 20,000.00
10/23/02 Dr. Geilhof Kellegen $ 525.08
10/25/02 Merrill Lynch $ 153.94
10/31/02 Tele-flex Technologies $ 20,000.00
-----------
Total WAXS Disbursements $ 40,709.02
===========
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
10/04/02 Tele-flex Technologies $ 20,000.00
10/31/02 Tele-flex Technologies $ 20,000.00
-----------
Total Affiliate Payments $ 40,000.00
-----------
Total WAXS Disbursements $ 709.02
===========
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: October 31, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
10/08/02 Multiple Payroll Checks $ 40,076.36
10/22/02 Multiple Payroll Checks $ 38,892.00
-----------
Total WAXS Disbursements $ 78,968.36
===========
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: October 31, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
10/02/02 36043 Apollo Consulting $ 2,000.00
10/02/02 36044 BellSouth $ 461.36
10/02/02 36045 BellSouth $ 2,199.77
10/02/02 36046 Debra Dawn $ 2,146.84
10/02/02 36047 Federal Express $ 152.63
10/02/02 36048 Gardner, Carton & Douglas $ 74,491.86
10/02/02 36049 Legalink Chicago $ 1,037.00
10/02/02 36050 Katherine Levesque $ 500.00
10/02/02 36051 Liberty Mutual $ 1,827.00
10/02/02 36052 MCI Worldcom $ 3,354.55
10/02/02 36053 Michael Mies $ 2,608.42
10/02/02 36054 North Atlanta Realty Acquisition $ 30,963.92
10/02/02 36055 Philpot Relocation $ 557.25
10/02/02 36056 Kamran Saeed $ 450.00
10/02/02 36057 U.S. Trustee $ 500.00
10/02/02 36058 U.S. Trustee $ 250.00
10/02/02 36059 Winstead Sechrest & Minick $ 7,662.39
10/02/02 36060 Pacific Bell $ 120.56
10/11/02 36061 Debra Dawn $ 1,043.00
10/11/02 36062 Federal Express $ 364.42
10/11/02 36063 H. Peter Gant $ 238.35
10/11/02 36064 Gardner, Carton & Douglas $ 12,913.69
10/11/02 36065 Idaho State Tax Commission $ 30.00
10/11/02 36066 Indiana Department of Revenue $ 1,423.00
10/11/02 36067 Lamberth, Cifelli, Stokes & Stout $ 16,102.03
10/11/02 36068 McKenna, Long & Aldridge $ 15,042.27
10/11/02 36069 MCI Worldcom $ 96.91
10/11/02 36070 Metropolitan Life Insurance Company $ 2,619.30
10/11/02 36071 Nextel Communications $ 562.75
10/11/02 36072 NYC Department of Revenue $ 300.00
10/11/02 36073 NY State Tax Commission $ 223,584.00
10/11/02 36074 Oklahoma Tax Commission $ 110.00
10/11/02 36075 Oregon Department of Revenue $ 10.00
10/11/02 36076 Pennsylvania Department of Revenue $ 8,045.00
10/11/02 36077 PriceWaterhouseCoopers LLP $ 3,412.40
10/11/02 36078 Kamran Saeed $ 450.00
10/11/02 36079 Taxation & Revenue Board $ 350.00
10/11/02 36080 United Healthcare $ 13,435.86
10/11/02 36081 Verizon Select Services $ 250.00
10/11/02 36082 Pacific Bell $ 104.11
10/16/02 36083 Debra Dawn $ 991.60
10/16/02 36084 Ernst & Young LLP $ 165,179.62
10/16/02 36085 Federal Express $ 263.63
10/16/02 36086 Judco Management $ 8,625.00
10/16/02 36087 Lanier Parking Systems $ 715.00
10/16/02 36088 Henry Lyon $ 1,581.30
10/16/02 36089 MCI Worldcom $ 3,226.37
10/16/02 36090 MCI Worldcom $ 44.04
10/16/02 36091 MDC-Mark II $ 32,814.00
10/16/02 36092 Nextel Communications $ 624.25
10/16/02 36093 Kamran Saeed $ 450.00
10/16/02 36094 Carl Sonne $ 525.04
10/16/02 36095 Southern Office Systems $ 105.00
10/16/02 36096 Mark Warner $ 5,411.52
10/16/02 36097 Pacific Bell $ 401.70
10/23/02 36098 Vanguard Archives $ 641.48
10/23/02 36099 Bee Reporting Agency $ 380.15
10/23/02 36100 Continental Stock Trust & Transfer Co. $ 791.63
10/23/02 36101 Debra Dawn $ 2,577.31
10/23/02 36102 Federal Express $ 595.99
10/23/02 36103 Jenner & Block, LLC $ 95,315.58
10/23/02 36104 Nowalsky, Bronston & Gothard $ 459.70
10/23/02 36105 Poorman-Douglas Corporation $ 1,980.37
10/23/02 36106 Law Office of Dan Price $ 1,089.01
10/23/02 36107 State Compensation Insurance Fund $ 834.28
10/23/02 36108 Velocity Express $ 15.26
10/23/02 36109 San Diego Gas & Electric $ 361.69
10/23/02 36110 Illinois Secretary of State $ 59.00
10/23/02 36111 Kamran Saeed $ 225.00
10/23/02 36112 Illinois Secretary of State $ 56.00
10/23/02 36113 Illinois Secretary of State $ 50.00
------------
Total $ 758,161.16
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
10/02/02 36054 North Atlanta Realty Acquisition $ 30,963.92
10/02/02 36058 U.S. Trustee $ 250.00
Facilicom
10/16/02 36086 Judco Management $ 8,625.00
World Access Telecommunication Group, Inc.
10/02/02 36059 Winstead Sechrest & Minick $ 7,662.39
10/23/02 36098 Vanguard Archives $ 641.48
10/23/02 36110 Illinois Secretary of State $ 59.00
10/23/02 36112 Illinois Secretary of State $ 56.00
10/23/02 36113 Illinois Secretary of State $ 50.00
WorldxChange
10/11/02 36065 Idaho State Tax Commission $ 30.00
10/11/02 36066 Indiana Department of Revenue $ 1,423.00
------------
Total Affiliate Payments $ 49,760.79
------------
Total WAXS Disbursements $ 708,400.37
============
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: October 31, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
10/08/02 ADP - Payroll Tax Withholdings $ 16,931.04
10/18/02 ADP - Payroll Processing Fees $ 670.98
10/22/02 ADP - Payroll Tax Withholdings $ 16,527.75
-----------
Total WAXS Disbursements $ 34,129.77
===========
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: October 31, 2002
Bank: Wells Fargo
Location: Minneapolis, MN
Account Name: Restricted Cash
Account Number: 699-3295970
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
Bank Fee
------
Total WAXS Disbursements $ -
======
*No banking activity this month.
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: October 31, 2002
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
------------
Ending inventory $ -
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 112,581.09
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: October 31, 2002
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
--------- --------------- ---------------
ACCOUNTS RECEIVABLE
Beginning of month balance $ - $ 12,910,232.99 $ 12,910,232.99
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 89,760.79 $ 89,760.79
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
--------- --------------- ---------------
End of month balance $ - $ 12,999,993.78 $ 12,999,993.78
========= =============== ===============
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 $ 3,015,555.27 $ 18,765,304.25 $ 21,780,859.52
Add: sales on account $ 707,743.06 $ - $ 707,743.06
Cash received on behalf of Affiliate $ - $ 511,543.00 $ 511,543.00
Cash received from Affiliate $ - $ - $ -
Less: payments $ (822,207.52) $ - $ (822,207.52)
-------------- --------------- ---------------
End of month balance $ 2,901,090.81 $ 19,276,847.25 $ 22,177,938.06
============== =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ------------ ----------- ------------ -------------- ------------------
$ 307,673.34 $ 98,191.55 $ 160,355.73 $ 2,334,870.19 $ 2,901,090.81
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: October 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 RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: November 30, 2002
BEGINNING BALANCE IN ALL ACCOUNTS $ 20,778,774.67
RECEIPTS:
1. Receipts from Operations
2. Other Receipts $ 32,492.04
Other receipts (Received on behalf of Affiliates) $ 34,395.00
---------------
TOTAL RECEIPTS $ 66,887.04
DISBURSEMENTS
3. Net Payroll -
a. Officers $ 38,065.45
b. Others $ 40,359.18
4. Taxes
a. Federal Income Taxes $ 21,780.33
b. FICA Withholdings $ 3,125.68
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 3,125.69
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 5,442.65
g. State Employee withholdings $ 15.73
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 16,964.98
c. Insurance $ 3,447.38
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses
Professional and Bankruptcy Court Related Fees and Expenses $ 755,519.54
Employee Expenses $ 10,863.83
Office Supplies & Expenses $ 11,599.37
Other $ 20,281.08
---------------
TOTAL DISBURSEMENTS $ 930,744.83
Add: Disbursements made on behalf of Parent or Affiliates $ 44,639.18
---------------
ADJUSTED TOTAL DISBURSEMENTS $ 975,384.01
---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (908,496.97)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 171,699.83
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 59,455.24
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 58,916.13
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 15,671.87
ENDING BALANCE IN Bank of America - Money Market 851018 $ 12,975,284.43
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,188,437.45
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,395,822.75
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
---------------
ENDING BALANCE IN ALL ACCOUNTS $ 19,870,277.70
===============
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: November 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
11/08/02 Katherine Levesque $ 414.00
11/08/02 BOA Securities $ 11.17
11/15/02 Verso Technologies $ 34,395.00
-----------
Total WAXS Receipts $ 34,820.17
===========
Less: Receipts made to or on behalf of Affiliates.
WA Telecom Products Co., Inc.
11/15/02 Verso Technologies $ 34,395.00
-----------
Total Affiliate Receipts $ 34,395.00
-----------
Total WAXS Receipts $ 425.17
===========
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, 2002
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
11/15/02 Interest Received $ 2,922.72
----------
Total WAXS Receipts $ 2,922.72
==========
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, 2002
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
11/01/02 Interest Received - Strat Cash Fund $ 22,580.67
-----------
Total WAXS Receipts $ 22,580.67
===========
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, 2002
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
11/01/02 Interest Received $ 6,563.14
11/26/02 Interest Received $ 0.34
----------
Total WAXS Receipts $ 6,563.48
==========
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, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
11/05/02 Bank Fees $ 30.00
11/21/02 Merrill Lynch $ 153.94
--------
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: November 30, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
11/15/02 Multiple Payroll Checks $ 39,069.83
11/19/02 Multiple Payroll Checks $ 39,354.80
-----------
Total WAXS Disbursements $ 78,424.63
===========
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, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
11/01/02 35114 Apollo Consulting $ 2,000.00
11/01/02 35115 BellSouth $ 461.30
11/01/02 35116 BellSouth $ 2,199.58
11/01/02 35117 Bowne of Atlanta $ 2,558.00
11/01/02 35118 Debra Dawn $ 1,441.05
11/01/02 35119 Federal Express $ 95.33
11/01/02 35120 Heather Harris $ 452.51
11/01/02 35121 Katten Muchin Zavis Roseman $ 13,522.88
11/01/02 35122 Lamberth, Cifelli, Stokes & Stout $ 19,143.92
11/01/02 35123 MCI Worldcom $ 37.96
11/01/02 35124 MCI Worldcom $ 53.59
11/01/02 35125 MCI Worldcom $ 3,354.55
11/01/02 35126 North Atlanta Realty Acquisition $ 30,963.92
11/01/02 35127 Nextel Communications $ 631.46
11/01/02 35128 Philpot Relocation $ 452.25
11/01/02 35129 Royal Cup Coffee $ 45.94
11/01/02 35130 Winstead Sechrest & Minick $ 2,735.44
11/01/02 35131 Pacific Bell $ 120.41
11/08/02 35132 Ascom Hasler Leasing Program $ 173.34
11/08/02 35133 Debra Dawn $ 1,124.57
11/08/02 35134 Federal Express $ 353.27
11/08/02 35135 Gardner, Carton & Douglas $ 5,062.37
11/08/02 35136 Janet Collinsworth, Attorney $ 11,692.55
11/08/02 35137 Lain Faulkner & Co. $ 855.00
11/08/02 35138 McKenna Long & Aldridge $ 52,081.51
11/08/02 35139 Merrill Lynch Pierce Fenner & Smith $ 7,817.77
11/08/02 35140 Metlife $ 2,619.30
11/08/02 35141 Texas Secretary of State $ 750.00
11/08/02 35142 Sean Moore $ 1,312.50
11/08/02 35143 Pacific Bell $ 104.52
11/15/02 35144 Cadwalader, Wickersham & Taft $ 399,003.80
11/15/02 35145 Ernst & Young LLP $ 118,095.08
11/15/02 35146 Federal Express $ 560.01
11/15/02 35147 Janet Collinsworth, Attorney $ 6,600.00
11/15/02 35148 Jenner & Block, LLC $ 72,151.58
11/15/02 35149 Judco Management $ 8,625.00
11/15/02 35151 Lanier Parking $ 715.00
11/15/02 35152 MCI Worldcom $ 3,204.71
11/15/02 35153 Nextel Communications $ 644.79
11/15/02 35154 Poorman-Douglas Corporation $ 16,538.77
11/15/02 35155 Kamran Saeed $ 225.00
11/15/02 35156 Southern Office Systems $ 335.50
11/15/02 35157 Mark Warner $ 5,000.00
11/15/02 35158 Pacific Bell $ 395.61
11/22/02 35159 Coleman Technologies $ 150.00
11/22/02 35160 Debra Dawn $ 2,893.99
11/22/02 35161 Federal Express $ 706.31
11/22/02 35162 FTI Consulting $ 6,577.20
11/22/02 35163 McKenna Long & Aldridge $ 17,991.68
11/22/02 35164 Royal Cup Coffee $ 57.72
11/22/02 35165 State Compensation Insurance Fund $ 828.08
11/22/02 35166 San Diego Gas & Electric $ 252.46
11/27/02 35167 Vanguard Archives $ 641.48
11/27/02 35168 BellSouth $ 461.30
11/27/02 35169 BellSouth $ 2,199.58
11/27/02 35170 Debra Dawn $ 2,107.45
11/27/02 35171 Federal Express $ 453.68
11/27/02 35182 Katten Muchin Zavis Roseman $ 15,887.20
11/27/02 35173 McKenna Long & Aldridge $ 264.00
11/27/02 35174 MCI Worldcom $ 36.54
11/27/02 35175 MCI Worldcom $ 2,683.65
11/27/02 35176 Michael Mies $ 2,844.26
11/27/02 35177 Nowalsky, Bronston & Gothard $ 52.00
11/27/02 35178 US Trustee $ 8,000.00
11/27/02 35179 US Trustee $ 750.00
11/27/02 35180 Velocity Express $ 6.59
11/27/02 35181 Pacific Bell $ 122.97
------------
Total $ 862,279.78
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
11/01/02 35126 North Atlanta Realty Acquisition $ 30,963.92
11/08/02 35132 Ascom Hasler Leasing Program $ 173.34
11/27/02 35179 US Trustee $ 750.00
Facilicom
11/15/02 35149 Judco Management $ 8,625.00
World Access Telecommunication Group, Inc.
11/01/02 35130 Winstead Sechrest & Minick $ 2,735.44
11/08/02 35141 Texas Secretary of State $ 750.00
11/27/02 35167 Vanguard Archives $ 641.48
------------
Total Affiliate Payments $ 44,639.18
------------
Total WAXS Disbursements $ 817,640.60
============
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, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
11/05/02 ADP - Payroll Tax Withholdings $ 16,618.72
11/19/02 ADP - Payroll Tax Withholdings $ 16,871.36
11/29/02 ADP - Payroll Processing Fees $ 1,005.58
-----------
Total WAXS Disbursements $ 34,495.66
===========
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
For the Month Ending: November 30, 2002
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
------------
Ending inventory $ -
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 112,068.65
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 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: November 30, 2002
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
--------- --------------- ---------------
ACCOUNTS RECEIVABLE
Beginning of month balance $ - $ 12,999,993.78 $ 12,999,993.78
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 44,639.18 $ 44,639.18
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
--------- --------------- ---------------
End of month balance $ - $ 13,044,632.96 $ 13,044,632.96
========= =============== ===============
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 $ 2,901,090.81 $ 19,276,847.25 $ 22,177,938.06
Add: sales on account $ 378,207.07 $ - $ 378,207.07
Cash received on behalf of Affiliate $ - $ 34,395.00 $ 34,395.00
Cash received from Affiliate $ - $ - $ -
Less: payments $ (930,744.83) $ - $ (930,744.83)
-------------- --------------- ---------------
End of month balance $ 2,348,553.05 $ 19,311,242.25 $ 21,659,795.30
============== =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ------------ ----------- ----------- -------------- ------------------
$ 199,107.39 $ 23,448.84 $ 42,688.39 $ 2,083,308.43 $ 2,348,553.05
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, 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 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
_____________________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 13
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 RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: December 31, 2002
BEGINNING BALANCE IN ALL ACCOUNTS $ 19,870,277.70
RECEIPTS:
1. Receipts from Operations
2. Other Receipts $ 45,899.80
Other receipts (Received on behalf of Affiliates) $ 3,008,236.00
---------------
TOTAL RECEIPTS $ 3,054,135.80
DISBURSEMENTS
3. Net Payroll -
a. Officers $ 55,371.02
b. Others $ 60,088.13
4. Taxes
a. Federal Income Taxes $ 35,169.58
b. FICA Withholdings $ 7,422.07
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 7,422.07
e. Federal Unemployment Taxes $ 391.65
f. State Income Tax $ 7,909.96
g. State Employee withholdings $ 194.34
h. All other state taxes $ 1,750.83
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 8,007.63
c. Insurance $ 3,461.78
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses
Professional and Bankruptcy Court Related Fees and Expenses $ 1,020,594.23
Employee Expenses $ 8,909.53
Office Supplies & Expenses $ 5,866.50
Other $ 8,446.28
---------------
TOTAL DISBURSEMENTS $ 1,231,159.54
Add: Disbursements made on behalf of Parent or Affiliates $ 49,793.47
---------------
ADJUSTED TOTAL DISBURSEMENTS $ 1,280,953.01
---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 1,773,182.79
ENDING BALANCE IN Bank of America - Master 03751046297 $ 163,176.88
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 120,069.80
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 68,456.98
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 39,747.39
ENDING BALANCE IN Bank of America - Money Market 851018 $ 14,655,813.96
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,194,219.54
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,396,985.94
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
---------------
ENDING BALANCE IN ALL ACCOUNTS $ 21,643,460.49
===============
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: December 31, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
12/02/02 Megan Hibbeler $ 297.20
12/02/02 Cohne, Rappaport & Segal $ 7,401.84
12/05/02 Verso Technologies $ 2,514,850.00
12/16/02 Verso Technologies $ 493,386.00
12/30/02 Bordercomm, LLC $ 725.95
--------------
Total WAXS Receipts $ 3,016,660.99
==============
Less: Receipts made to or on behalf of Affiliates.
WA Telecom Products Co., Inc.
12/05/02 Verso Technologies $ 2,514,850.00
12/16/02 Verso Technologies $ 493,386.00
--------------
Total Affiliate Receipts $ 3,008,236.00
--------------
Total WAXS Receipts $ 8,424.99
==============
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, 2002
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
12/16/02 Interest Received $ 1,163.19
----------
Total WAXS Receipts $ 1,163.19
==========
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, 2002
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
12/02/02 Interest Received - Strat Cash Fund $ 19,246.07
12/19/02 Interest Received - Strat Cash Fund $ 11,283.46
-----------
Total WAXS Receipts $ 30,529.53
===========
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, 2002
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
12/02/02 Interest Received $ 5,781.84
12/24/02 Interest Received $ 0.25
----------
Total WAXS Receipts $ 5,782.09
==========
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, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
12/03/02 Bank Fees $ 30.00
12/18/02 Merrill Lynch $ 153.94
--------
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, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
12/03/02 Multiple Payroll Checks $ 38,716.23
12/18/02 Multiple Payroll Checks $ 39,221.24
12/31/02 Multiple Payroll Checks $ 37,521.68
-----------
Total WAXS Disbursements $115,459.15
===========
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, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
12/04/02 36182 Apollo Consulting $ 2,000.00
12/04/02 36183 CLS Security Electronics $ 77.85
12/04/02 36184 Continental Stock Trust & Transfer Co. $ 792.57
12/04/02 36185 Debra Dawn $ 1,679.10
12/04/02 36186 Gardner, Carton & Douglas $ 6,283.72
12/04/02 36188 Ikon Office Solutions $ 190.20
12/04/02 36189 Henry Lyon $ 3,217.88
12/04/02 36190 North Atlanta Realty Acquisition $ 30,963.92
12/04/02 36191 Nextel Communications $ 617.68
12/04/02 36192 Philpot Relocation $ 523.36
12/04/02 36193 Poorman-Douglas $ 2,840.39
12/04/02 36194 Kamran Saeed $ 225.00
12/04/02 36195 Judco Management $ 800.00
12/12/02 36196 The Atlanta Journal Constitution $ 155.24
12/12/02 36197 Debra Dawn $ 726.40
12/12/02 36198 Ernst & Young LLP $ 83,661.18
12/12/02 36199 Federal Express $ 939.80
12/12/02 36200 H. Peter Gant $ 74.00
12/12/02 36201 Jenner & Block, LLC $ 68,859.23
12/12/02 36202 Lamberth, Cifelli, Stokes & Stout $ 13,588.94
12/12/02 36203 Katherine Levesque $ 24.00
12/12/02 36204 McKenna Long & Aldridge $ 11,699.76
12/12/02 36205 MCI Worldcom $ 3,232.33
12/12/02 36206 MCI Worldcom $ 49.46
12/12/02 36207 Nextel Communications $ 651.84
12/12/02 36208 Kamran Saeed $ 225.00
12/12/02 36209 State Compensation Insurance Fund $ 846.66
12/12/02 36210 Velocity Express $ 13.18
12/12/02 36211 The Wall Street Journal $ 187.25
12/12/02 36212 Mark Warner $ 5,000.00
12/12/02 36213 Pacific Bell $ 507.29
12/12/02 36214 San Diego Gas & Electric $ 279.60
12/18/02 36215 Debra Dawn $ 1,320.00
12/18/02 36216 Federal Express $ 20.97
12/18/02 36217 Judco Management $ 8,625.00
12/18/02 36218 Lanier Parking Systems $ 715.00
12/18/02 36219 Latham & Watkins Schon Nolte $ 1,847.31
12/18/02 36220 Metlife $ 2,559.46
12/18/02 36221 Michael Mies $ 813.97
12/18/02 36222 Winstead, Sechrest & Minick, P.C. $ 6,864.63
12/27/02 36223 Vanguard Archives $ 641.48
12/27/02 36224 BellSouth $ 2,199.58
12/27/02 36225 Cadwalder, Wickersham & Taft $ 24,147.49
12/27/02 36226 Continental Stock Trust & Transfer Co. $ 1,014.98
12/27/02 36227 Crumley Consulting $ 5,596.23
12/27/02 36228 Debra Dawn $ 608.79
12/27/02 36229 Federal Express $ 938.65
12/27/02 36230 FTI Consulting $ 11,688.32
12/27/02 36231 Gardner, Carton & Douglas $ 2,815.38
12/27/02 36232 Jenner & Block, LLC $ 56,931.92
12/27/02 36233 Jenner & Block, LLC $ 121,167.70
12/27/02 36234 Katten Muchin Zavis Roseman $ 2,259.60
12/27/02 36235 Katten Muchin Zavis Roseman $ 581,917.55
12/27/02 36236 Lamberth, Cifelli, Stokes & Stout $ 9,900.78
12/27/02 36237 McKenna Long & Aldridge $ 13,550.30
12/27/02 36238 Nextel Communications $ 469.85
12/27/02 36239 Philpot Relocation $ 494.75
12/27/02 36240 Poorman-Douglas $ 1,384.68
12/27/02 36241 Salomon Smith Barney $ 453.75
12/27/02 36242 Carl Sonne $ 445.39
12/27/02 36243 Southern Office Systems $ 105.00
12/27/02 36244 United HealthCare $ 55.66
12/27/02 36245 Winstead, Sechrest & Minick, P.C. $ 1,898.44
--------------
Total $ 1,104,385.44
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
12/04/02 36190 North Atlanta Realty Acquisition $ 30,963.92
Facilicom
12/04/02 36195 Judco Management $ 800.00
12/18/02 36217 Judco Management $ 8,625.00
World Access Telecommunication Group, Inc.
12/18/02 36222 Winstead, Sechrest & Minick, P.C. $ 6,864.63
12/27/02 36223 Vanguard Archives $ 641.48
12/27/02 36245 Winstead, Sechrest & Minick, P.C. $ 1,898.44
--------------
Total Affiliate Payments $ 49,793.47
--------------
Total WAXS Disbursements $ 1,054,591.97
==============
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, 2002
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
12/03/02 ADP - Payroll Tax Withholdings $ 17,913.13
12/18/02 ADP - Payroll Tax Withholdings $ 18,062.90
12/27/02 ADP - Payroll Processing Fees $ 663.98
12/31/02 ADP - Payroll Tax Withholdings $ 24,284.47
-----------
Total WAXS Disbursements $ 60,924.48
===========
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
For the Month Ending: December 31, 2002
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
------------
Ending inventory $ -
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 175,873.59
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 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, 2002
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
-------------------------------------------------------------------
Beginning of month balance $ - $ 13,044,632.96 $ 13,044,632.96
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 49,793.47 $ 49,793.47
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
-------------------------------------------------------------------
End of month balance $ - $ 13,094,426.43 $ 13,094,426.43
===================================================================
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 $ 2,348,553.05 $ 19,311,242.25 $ 21,659,795.30
Add: sales on account $ 432,101.68 $ - $ 432,101.68
Cash received on behalf of Affiliate $ - $ 3,008,236.00 $ 3,008,236.00
Cash received from Affiliate $ - $ - $ -
Less: payments $ (1,231,159.54) $ - $ (1,231,159.54)
-------------------------------------------------------------------
End of month balance $ 1,549,495.19 $ 22,319,478.25 $ 23,868,973.44
===================================================================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 229,159.01 $ 69,184.57 $ 23,448.84 $ 1,227,702.77 $ 1,549,495.19
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: December 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 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
_____________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 13
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 RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: January 31, 2003
BEGINNING BALANCE IN ALL ACCOUNTS $ 21,643,460.49
RECEIPTS:
1. Receipts from Operations
2. Other Receipts $ 19,392.74
Other receipts (Received on behalf of Affiliates) $ 4,173.00
------------------
TOTAL RECEIPTS $ 23,565.74
DISBURSEMENTS
3. Net Payroll -
a. Officers $ 97,704.48
b. Others $ 170,731.51
4. Taxes
a. Federal Income Taxes $ 105,541.97
b. FICA Withholdings $ 29,370.46
c. Employee's withholdings $ 230.91
d. Employer's FICA $ 29,370.47
e. Federal Unemployment Taxes $ 251.49
f. State Income Tax $ 26,368.91
g. State Employee withholdings $ 1,538.89
h. All other state taxes $ 1,230.93
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 7,990.28
c. Insurance $ 12,056.21
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 85,204.95
Employee Expenses $ 5,394.93
Office Supplies & Expenses $ 4,480.77
Other $ 7,542.05
------------------
TOTAL DISBURSEMENTS $ 585,009.21
Add: Disbursements made on behalf of Parent or Affiliates $ 56,027.67
------------------
ADJUSTED TOTAL DISBURSEMENTS $ 641,036.88
------------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (617,471.14)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 66,474.83
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 307,895.80
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 100,020.99
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 30,195.55
ENDING BALANCE IN Bank of America - Money Market 851018 $ 13,918,547.15
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,199,773.14
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,398,091.89
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
------------------
ENDING BALANCE IN ALL ACCOUNTS $ 21,025,989.35
==================
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: January 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
01/15/03 Verso Technologies $ 4,173.00
-----------
Total WAXS Receipts $ 4,173.00
===========
Less: Receipts made to or on behalf of Affiliates.
WA Telecom Products Co., Inc.
01/15/03 Verso Technologies $ 4,173.00
-----------
Total Affiliate Receipts $ 4,173.00
-----------
Total WAXS Receipts $ -
===========
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: January 31, 2003
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
01/15/03 Interest Received $ 1,105.95
-----------
Total WAXS Receipts $ 1,105.95
===========
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: January 31, 2003
Bank: Bank of America(Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
01/02/03 Interest Received $ 6,749.72
01/13/03 Interest Received $ 5,983.47
-----------
Total WAXS Receipts $ 12,733.19
===========
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: January 31, 2003
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
01/02/03 Interest Received $ 5,553.29
01/29/03 Interest Received $ 0.31
----------
Total WAXS Receipts $ 5,553.60
==========
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: January 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
01/02/03 Tele-flex Technologies $ 10,000.00
01/03/03 Bank Fees $ 30.00
01/15/03 Tele-flex Technologies $ 4,614.14
01/29/03 Merrill Lynch $ 230.91
01/29/03 K. Levesque - Travel Advance $ 1,000.00
-----------
Total WAXS Disbursements $ 15,875.05
===========
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
01/02/03 Tele-flex Technologies $ 10,000.00
01/15/03 Tele-flex Technologies $ 4,614.14
-----------
Total Affiliate Payments $ 14,614.14
-----------
Total WAXS Disbursements $ 1,260.91
===========
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: January 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
01/14/03 Multiple Payroll Checks $ 37,667.14
01/27/03 Multiple Payroll Checks $ 230,768.85
------------
Total WAXS Disbursements $ 268,435.99
============
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: January 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
01/03/03 36246 Apollo Consulting $ 2,000.00
01/03/03 36247 BellSouth $ 461.30
01/03/03 36248 Debra Dawn $ 567.20
01/03/03 36249 Fedex $ 41.94
01/03/03 36250 MCI Worldcom $ 36.54
01/03/03 36251 North Atlanta Realty Acquisition $ 32,121.90
01/03/03 36252 Velocity Express $ 22.95
01/03/03 36253 Pacific Bell $ 626.25
01/10/03 36254 Ernst & Young LLP $ 31,506.52
01/10/03 36255 Fedex $ 895.84
01/10/03 36256 Liberty Mutual $ 1,954.00
01/10/03 36257 MCI Worldcom $ 3,069.91
01/10/03 36258 MCI Worldcom $ 71.90
01/10/03 36259 Carl Sonne $ 251.00
01/17/03 36260 Debra Dawn $ 1,463.40
01/17/03 36261 Fedex $ 234.04
01/17/03 36262 H. Peter Gant $ 167.87
01/17/03 36263 Judco Management $ 8,625.00
01/17/03 36264 Lanier Parking $ 715.00
01/17/03 36265 Metlife $ 2,559.46
01/17/03 36266 Mark Warner $ 5,000.00
01/17/03 36267 San Diego Gas & Electric $ 469.19
01/24/03 36268 Vanguard Archives $ 666.63
01/24/03 36269 Armstrong Teasdale $ 2,500.00
01/24/03 36270 BellSouth $ 2,188.62
01/24/03 36271 CT Corporation $ 379.50
01/24/03 36272 Debra Dawn $ 929.56
01/24/03 36273 Fedex $ 232.25
01/24/03 36274 Gardner, Carton & Douglas $ 30,484.99
01/24/03 36275 Poorman-Douglas Corp. $ 1,955.15
01/24/03 36276 Carl Sonne $ 270.37
01/24/03 36277 State Compensation Insurance Fund $ 889.99
01/24/03 36278 Winston & Strawn $ 11,493.49
01/31/03 36279 Continental Stock Transfer & Trust $ 801.58
01/31/03 36280 Debra Dawn $ 745.53
01/31/03 36281 Fedex $ 235.10
01/31/03 36282 Katten Muchin Zavis Roseman $ 7,264.80
01/31/03 36284 Nextel Communications $ 636.41
01/31/03 36285 Nextel Communications $ 311.12
01/31/03 36286 Philpot Relocation $ 452.25
01/31/03 36287 Royal Cup Coffee $ 103.65
01/31/03 36288 United Healthcare $ 6,652.76
01/31/03 36289 Pacific Bell $ 119.04
-------------
Total $ 162,174.00
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
01/03/03 36251 North Atlanta Realty Acquisition $ 32,121.90
Facilicom
01/17/03 36263 Judco Management $ 8,625.00
World Access Telecommunication Group, Inc.
01/24/03 36268 Vanguard Archives $ 666.63
-------------
Total Affiliate Payments $ 41,413.53
-------------
Total WAXS Disbursements $ 120,760.47
=============
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: January 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
01/14/03 Payroll Taxes $ 22,968.42
01/27/03 Payroll Taxes $ 170,704.70
01/31/03 Processing Fees - ADP $ 878.72
------------
Total WAXS Disbursements $ 194,551.84
============
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
For the Month Ending: January 31, 2003
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
------------
Ending inventory $ -
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 462,340.02
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 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: January 31, 2003
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
-------------------------------------------------------------------
Beginning of month balance $ - $ 13,094,426.43 $ 13,094,426.43
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 56,027.67 $ 56,027.67
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
-------------------------------------------------------------------
End of month balance $ - $ 13,150,454.10 $ 13,150,454.10
===================================================================
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 $ 1,549,495.19 $ 19,311,242.25 $ 21,659,795.30
Add: sales on account $ 648,386.68 $ - $ 648,386.68
Cash received on behalf of Affiliate $ - $ 4,173.00 $ 4,173.00
Cash received from Affiliate $ - $ - $ -
Less: payments $ (585,009.21) $ - $ (585,009.21)
-------------------------------------------------------------------
End of month balance $ 1,612,872.66 $ 22,323,651.25 $ 23,936,523.91
===================================================================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 157,654.71 $134,971.77 $ 69,184.57 $ 1,251,151.61 $ 1,612,872.66
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: January 31, 2003
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
_____________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 13
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 RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: February 28, 2003
BEGINNING BALANCE IN ALL ACCOUNTS $ 21,025,989.35
RECEIPTS:
1. Receipts from Operations
2. Other Receipts $ 38,050.88
Other receipts (Received on behalf of Affiliates) $ 4,173.00
------------------
TOTAL RECEIPTS $ 42,223.88
DISBURSEMENTS
3. Net Payroll -
a. Officers $ 40,962.39
b. Others $ 51,388.78
4. Taxes
a. Federal Income Taxes $ 28,422.63
b. FICA Withholdings $ 7,677.94
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 7,677.96
e. Federal Unemployment Taxes $ 28.86
f. State Income Tax $ 6,954.44
g. State Employee withholdings $ 247.47
h. All other state taxes $ 119.75
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 17,255.52
c. Insurance $ 10,638.84
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 184,102.63
Employee Expenses $ 7,444.62
Office Supplies & Expenses $ 4,166.11
Other $ 6,988.56
------------------
TOTAL DISBURSEMENTS $ 374,230.44
Add: Disbursements made on behalf of Parent or Affiliates $ 51,599.28
------------------
ADJUSTED TOTAL DISBURSEMENTS $ 425,829.72
------------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (383,605.84)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 90,463.89
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 137,027.64
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 82,669.82
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 22,769.10
ENDING BALANCE IN Bank of America - Money Market 851018 $ 13,696,059.41
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,209,107.85
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,399,295.80
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
------------------
ENDING BALANCE IN ALL ACCOUNTS $ 20,642,383.51
==================
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: February 28, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
02/24/03 Verso Technologies $ 4,173.00
----------
Total WAXS Receipts $ 4,173.00
==========
Less: Receipts made to or on behalf of Affiliates.
WA Telecom Products Co., Inc.
02/24/03 Verso Technologies $ 4,173.00
----------
Total Affiliate Receipts $ 4,173.00
----------
Total WAXS Receipts $ -
==========
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: February 28, 2003
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
02/13/03 Interest Received $ 1,203.91
----------
Total WAXS Receipts $ 1,203.91
==========
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: February 28, 2003
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
02/03/03 Interest Received $ 11,368.48
02/28/03 Interest Received $ 16,143.78
-----------
Total WAXS Receipts $ 27,512.26
===========
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: February 28, 2003
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
02/01/03 Interest Received $ 5,177.07
02/28/03 Interest Received $ 4,157.64
----------
Total WAXS Receipts $ 9,334.71
==========
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: February 28, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
02/03/03 Tele-flex Technologies $ 10,000.00
02/04/03 Bank Fees $ 30.00
02/26/03 Merrilly Lynch $ 153.94
-----------
Total WAXS Disbursements $ 10,183.94
===========
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
02/03/03 Tele-flex Technologies $ 10,000.00
-----------
Total Affiliate Payments $ 10,000.00
-----------
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: February 28, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
02/05/03 36290 Apollo Consulting $ 2,000.00
02/05/03 36291 Ascom-Hasler Leasing $ 185.50
02/05/03 36292 Lanier Parking Systems $ 715.00
02/05/03 36293 North Atlanta Realty Acquisition $ 32,121.90
02/14/03 36294 Debra Dawn $ 2,896.79
02/14/03 36295 Ernst & Young LLP $ 21,658.89
02/14/03 36296 Federal Express $ 411.82
02/14/03 36297 FTI Consulting $ 1,762.40
02/14/03 36298 H. Peter Gant $ 150.27
02/14/03 36299 Gardner, Carton & Douglas $ 7,644.42
02/14/03 36300 Jenner & Block, LLC $ 62,945.44
02/14/03 36301 Judco Management $ 8,625.00
02/14/03 36302 MCI Worldcom $ 3,075.66
02/14/03 36303 MCI Worldcom $ 69.23
02/14/03 36304 Nextel Communications $ 332.80
02/14/03 36305 Mark Warner $ 5,000.00
02/14/03 36306 Pacific Bell $ 497.14
02/14/03 36307 San Diego Gas & Electric $ 547.82
02/21/03 36308 Vanguard Archives $ 666.88
02/21/03 36309 Debra Dawn $ 960.50
02/21/03 36310 Federal Express $ 598.40
02/21/03 36311 Ikon Office Solutions $ 363.04
02/21/03 36312 MCI Worldcom $ 3,354.55
02/21/03 36313 Carl Sonne $ 413.10
02/21/03 36314 State Compensation Insurance Fund $ 1,426.62
02/21/03 36315 PriceWaterhouseCoopers(FTI) $ 88,877.51
02/21/03 36316 BellSouth $ 461.30
02/28/03 36317 BellSouth $ 2,207.92
02/28/03 36318 CLS Security Electronics $ 77.85
02/28/03 36319 Debra Dawn $ 2,859.30
02/28/03 36320 Henry Lyon $ 164.66
02/28/03 36321 MCI Worldcom $ 6,709.10
02/28/03 36322 Metropolitan Life Insurance $ 2,559.46
02/28/03 36323 Philpot Relocation $ 661.16
02/28/03 36324 Poorman-Douglas $ 1,213.97
02/28/03 36325 United Healthcare $ 6,652.76
--------------
Total $ 270,868.16
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
02/05/03 36291 Ascom-Hasler Leasing $ 185.50
02/05/03 36293 North Atlanta Realty Acquisition $ 32,121.90
Facilicom
02/14/03 36301 Judco Management $ 8,625.00
World Access Telecommunication Group, Inc.
02/21/03 36308 Vanguard Archives $ 666.88
---------------
Total Affiliate Payments $ 41,599.28
--------------
Total WAXS Disbursements $ 229,268.88
==============
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: February 28, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
02/12/03 Multiple Payroll Checks $ 38,516.68
02/26/03 Multiple Payroll Checks $ 53,834.49
-----------
Total WAXS Disbursements $ 92,351.17
===========
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: February 28, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
02/12/03 Payroll Taxes $ 20,499.99
02/26/03 Payroll Taxes $ 30,629.06
02/27/03 Processing Fees - ADP $ 1,297.40
-----------
Total WAXS Disbursements $ 52,426.45
===========
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
For the Month Ending: February 28, 2003
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
------------
Ending inventory $ -
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 143,634.16
Payroll taxes due but unpaid $ -
STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS
DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF
NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT
- ----------------------- -------------- --------------- ------------------- -------------------
Xerox Corporation Monthly $ 1,247.84 10 $ 12,478.40
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: February 28, 2003
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
------------- --------------- ---------------
ACCOUNTS RECEIVABLE
Beginning of month balance $ - $ 13,150,454.10 $ 13,150,454.10
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 51,599.28 $ 51,599.28
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
------------- --------------- ---------------
End of month balance $ - $ 13,202,053.38 $ 13,202,053.38
============= =============== ===============
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 $1,612,872.66 $ 22,323,651.25 $ 23,936,523.91
Add: sales on account $ 487,399.11 $ - $ 487,399.11
Cash received on behalf of Affiliate $ - $ 4,173.00 $ 4,173.00
Cash received from Affiliate $ - $ - $ -
Less: payments $ (374,230.44) $ - $ (374,230.44)
------------- --------------- ---------------
End of month balance $1,726,041.33 $ 22,327,824.25 $ 24,053,865.58
============= =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ------------ ------------ ----------- -------------- ------------------
$ 310,346.85 $ 185,998.21 $ 67,422.17 $ 1,162,274.10 $ 1,726,041.33
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: February 28, 2003
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
_____________________________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 13
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 RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: March 31, 2003
BEGINNING BALANCE IN ALL ACCOUNTS $ 20,642,383.51
RECEIPTS:
1. Receipts from Operations
2. Other Receipts $ 386,902.04
Other receipts (Received on behalf of Affiliates) $ 4,173.00
---------------
TOTAL RECEIPTS $ 391,075.04
DISBURSEMENTS
3. Net Payroll -
a. Officers $ 40,962.41
b. Others $ 50,949.05
4. Taxes
a. Federal Income Taxes $ 28,830.43
b. FICA Withholdings $ 7,673.93
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 7,673.94
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 6,970.54
g. State Employee withholdings $ 202.09
h. All other state taxes $ 27.00
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 10,240.34
c. Insurance $ 1,044.80
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 496,224.19
Employee Expenses $ 10,719.61
Office Supplies & Expenses $ 4,291.42
Other $ 15,014.82
---------------
TOTAL DISBURSEMENTS $ 680,978.51
Add: Disbursements made on behalf of Parent or Affiliates $ 53,513.59
---------------
ADJUSTED TOTAL DISBURSEMENTS $ 734,492.10
---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (343,417.06)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 498,969.94
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ (181,386.34)
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 40,758.36
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 25,585.32
ENDING BALANCE IN Bank of America - Money Market 851018 $ 13,296,059.41
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,213,644.49
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,400,345.27
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
---------------
ENDING BALANCE IN ALL ACCOUNTS $ 20,298,966.45
===============
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: March 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ------------------------------------------------ ------------
03/04/03 NetNet Europe - Sweden $ 349,982.00
03/05/03 MCI Worldcom $ 8.93
03/05/03 J. Smith Lanier $ 31,325.00
03/14/03 Verso Technologies $ 4,173.00
------------
Total WAXS Receipts $ 385,488.93
============
Less: Receipts made to or on behalf of Affiliates.
WA Telecom Products Co., Inc.
03/14/03 Verso Technologies $ 4,173.00
------------
Total Affiliate Receipts $ 4,173.00
------------
Total WAXS Receipts $ 381,315.93
============
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: March 31, 2003
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ------------------------------------------------ ------------
03/17/03 Interest Received $ 1,049.47
------------
Total WAXS Receipts $ 1,049.47
============
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: March 31, 2003
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ------------------------------------------------ ------------
03/31/03 Interest Received $ 4,536.64
------------
Total WAXS Receipts $ 4,536.64
============
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
DISBURSEMENT LISTING
For the Month Ending: March 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ------------------------------------------------ ------------
3/4/2003 Bank Fees $ 30.00
3/14/2003 Katherine Levesque $ 2,000.00
3/14/2003 Jenner & Block, LLP $ 37,500.00
3/20/2003 Katherine Levesque $ 265.65
03/20/03 Katherine Levesque $ 2,481.11
03/26/03 Merrill Lynch $ 153.94
------------
Total WAXS Disbursements $ 42,430.70
============
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: March 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ------------------------------------------ -----------
03/11/03 Multiple Payroll Checks $ 38,317.48
03/25/03 Multiple Payroll Checks $ 53,593.98
-----------
Total WAXS Disbursements $ 91,911.46
===========
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: March 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ------------------------------------------ -----------
03/04/03 36326 Apollo Consulting $ 2,000.00
03/04/03 36327 BellSouth $ 404.18
03/04/03 36328 Bowne of Atlanta $ 3,533.00
03/04/03 36329 Continental Stock Transfer & Trust $ 1,125.11
03/04/03 36330 Debra Dawn $ 1,462.88
03/04/03 36331 Federal Express $ 443.23
03/04/03 36332 Robyn C. Huffman $ 405.00
03/04/03 36333 Lamberth, Cifelli, Stokes & Stout $ 6,903.75
03/04/03 36334 McKenna Long & Aldridge $ 26,610.21
03/04/03 36335 Merrill Lynch, Pierce Fenner & Smith $ 5,740.00
03/04/03 36336 North Atlanta Realty Acquisition $ 32,121.90
03/04/03 36337 Nextel Communications $ 393.66
03/04/03 36338 Poorman-Douglas Corporation $ 559.29
03/04/03 36339 Kamran Saeed $ 225.00
03/04/03 36340 U.S. Trustee $ 250.00
03/04/03 36341 U.S. Trustee $ 750.00
03/04/03 36342 U.S. Trustee $ 750.00
03/04/03 36343 U.S. Trustee $ 8,500.00
03/04/03 36344 Velocity Express $ 103.00
03/04/03 36345 Winstead Sechrest & Minick $ 10,349.81
03/04/03 36346 Pacific Bell $ 119.13
03/14/03 36347 Franchise Tax Board $ 1,600.00
03/14/03 36348 Debra Dawn $ 1,074.51
03/14/03 36349 Ernst & Young LLP $ 47,982.84
03/14/03 36350 Federal Express $ 314.17
03/14/03 36351 Katten Muchin Zavis Roseman $ 3,208.80
03/14/03 36352 Lanier Parking $ 715.00
03/14/03 36353 MCI Worldcom $ 856.43
03/14/03 36354 MCI Worldcom $ 64.85
03/14/03 36355 Pacific Bell $ 105.63
03/17/03 36356 Mark Warner $ 5,000.00
03/20/03 36357 Vanguard Archives $ 666.88
03/20/03 36358 Cadwalader, Wickersham & Taft $ 6,980.05
03/20/03 36359 Virginia Cook $ 937.80
03/20/03 36360 Debra Dawn $ 241.00
03/20/03 36361 Federal Express $ 601.22
03/20/03 36362 Jenner & Block, LLC $ 41,326.11
03/20/03 36363 Judco Management, Inc. $ 8,625.00
03/20/03 36364 Nextel Communications $ 350.01
03/20/03 36365 Royal Cup Coffee $ 84.80
03/20/03 36366 State Compensation Insurance Fund $ 1,044.80
03/20/03 36367 Pacific Bell $ 400.24
03/20/03 36368 San Diego Gas & Electric $ 387.10
03/28/03 36369 BellSouth $ 1,586.27
03/28/03 36370 Continental Stock Transfer & Trust $ 870.53
03/28/03 36371 Debra Dawn $ 524.50
03/28/03 36373 Ernst & Young LLP $310,913.14
03/28/03 36374 MCI Worldcom $ 2,218.29
03/28/03 36375 MCI Worldcom $ 3,354.55
03/28/03 36376 Philpot Relocation $ 1,450.33
03/28/03 36377 Carl Sonne $ 1,732.16
-----------
Total $547,966.16
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
03/04/03 36336 North Atlanta Realty Acquisition $ 32,121.90
03/04/03 36341 U.S. Trustee $ 750.00
Facilicom
03/04/03 36340 U.S. Trustee $ 250.00
03/20/03 36363 Judco Management, Inc. $ 8,625.00
World Access Telecommunication Group, Inc.
03/04/03 36342 U.S. Trustee $ 750.00
03/04/03 36345 Winstead Sechrest & Minick $ 10,349.81
03/20/03 36357 Vanguard Archives $ 666.88
-----------
Total Affiliate Payments $ 53,513.59
-----------
Total WAXS Disbursements $494,452.57
===========
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: March 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ------------------------------------------------ ------------
03/11/03 Payroll Taxes $ 20,718.14
03/25/03 Payroll Taxes $ 30,659.79
03/28/03 Processing Fees - ADP $ 805.85
------------
Total WAXS Disbursements $ 52,183.78
============
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
For the Month Ending: March 31, 2003
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
------------
Ending inventory $ -
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 143,443.33
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 9
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: March 31, 2003
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
-------------- --------------- ---------------
ACCOUNTS RECEIVABLE
Beginning of month balance $ - $ 13,202,053.38 $ 13,202,053.38
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 53,513.59 $ 53,513.59
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
-------------- --------------- ---------------
End of month balance $ - $ 13,255,566.97 $ 13,255,566.97
============== =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ------------ ------------ ----------- -------------- ------------------
$ - $ - $ - $ - $ -
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL
-------------- --------------- ---------------
Beginning of month balance $ 1,726,041.33 $ 22,327,824.25 $ 24,053,865.58
Add: sales on account $ 430,711.90 $ - $ 430,711.90
Cash received on behalf of Affiliate $ - $ 4,173.00 $ 4,173.00
Cash received from Affiliate $ - $ - $ -
Less: payments $ (680,978.51) $ - $ (680,978.51)
-------------- --------------- ---------------
End of month balance $ 1,475,774.72 $ 22,331,997.25 $ 23,807,771.97
============== =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ------------ ------------ ----------- -------------- ------------------
$ 259,484.04 $ 111,509.34 $185,998.21 $ 918,783.13 $ 1,475,774.72
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: March 31, 2003
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
___________________________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
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
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: April 30, 2003
BEGINNING BALANCE IN ALL ACCOUNTS $ 20,298,966.45
RECEIPTS:
1. Receipts from Operations
2. Other Receipts $ 22,064.29
Other receipts (Received on behalf of Affiliates) $ -
---------------
TOTAL RECEIPTS $ 22,064.29
DISBURSEMENTS
3. Net Payroll -
a. Officers $ 42,006.85
b. Others $ 52,576.02
4. Taxes
a. Federal Income Taxes $ 27,997.90
b. FICA Withholdings $ 6,763.56
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 6,763.54
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 7,034.52
g. State Employee withholdings $ 54.71
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 8,614.91
c. Insurance $ 28,368.61
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 113,786.61
Employee Expenses $ 6,139.32
Office Supplies & Expenses $ 3,973.00
Other $ 8,722.34
---------------
TOTAL DISBURSEMENTS $ 312,955.83
Add: Disbursements made on behalf of Parent or Affiliates $ 65,254.14
---------------
ADJUSTED TOTAL DISBURSEMENTS $ 378,209.97
---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (356,145.68)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 78,225.22
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 305,039.01
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 21,175.49
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 51,277.59
ENDING BALANCE IN Bank of America - Money Market 851018 $ 12,862,731.35
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,217,986.58
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,401,395.53
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
---------------
ENDING BALANCE IN ALL ACCOUNTS $ 19,942,820.77
===============
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: April 30, 2003
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------------- -------------
04/16/03 Interest Received $ 1,050.26
-------------
Total WAXS Receipts $ 1,050.26
=============
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: April 30, 2003
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------------- -------------
04/01/03 Interest Received $ 16,671.94
-------------
Total WAXS Receipts $ 16,671.94
=============
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: April 30, 2003
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------------- -------------
04/30/03 Interest Received $ 4,342.09
-------------
Total WAXS Receipts $ 4,342.09
=============
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
DISBURSEMENT LISTING
For the Month Ending: April 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ------------- -----------
04/01/03 EZ Com $ 13,000.00
04/03/03 Bank Fees $ 30.00
04/04/03 Cowley Hearne $ 750.00
04/23/03 Merrill Lynch $ 153.94
04/23/03 Cowley Hearne $ 750.00
04/28/03 EZ Com $ 1,060.78
04/28/03 IBM $ 5,000.00
-----------
Total WAXS Disbursements $ 20,744.72
===========
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
04/01/03 EZ Com $ 13,000.00
04/04/03 Cowley Hearne $ 750.00
04/23/03 Cowley Hearne $ 750.00
04/28/03 EZ Com $ 1,060.78
04/28/03 IBM $ 5,000.00
-----------
Total Affiliate Payments $ 20,560.78
-----------
Total WAXS Disbursements $ 183.94
===========
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: April 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ -------------- -----------
04/08/03 Multiple Payroll Checks $ 40,038.55
04/23/03 Multiple Payroll Checks $ 54,544.32
-----------
Total WAXS Disbursements $ 94,582.87
===========
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: April 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ -------------------------------------- -----------
04/04/03 36377 Apollo Consulting $ 2,000.00
04/04/03 36378 BellSouth $ 421.79
04/04/03 36379 Debra Dawn $ 738.28
04/04/03 36380 Ernst & Young, LLP $ 14,475.00
04/04/03 36381 Federal Express $ 363.31
04/04/03 36382 Gardner, Carton & Douglas $ 2,468.18
04/04/03 36383 Robyn C. Huffman $ 585.00
04/04/03 36384 Katten Muchin Zavis Roseman $ 7,417.60
04/04/03 36385 Lamberth, Cifelli, Stokes & Stout P.A. $ 6,128.70
04/04/03 36386 Katherine Levesque $ 592.25
04/04/03 36387 Liberty Mutual $ 1,954.00
04/04/03 36388 McKenna Long & Aldridge $ 15,801.53
04/04/03 36389 Metlife $ 2,559.46
04/04/03 36390 North Atlanta Realty Acquisition $ 32,121.90
04/04/03 36391 Nextel Communications $ 384.47
04/04/03 36392 Poorman-Douglas Corp. $ 2,850.13
04/04/03 36393 Kamran Saeed $ 225.00
04/04/03 36394 United HealthCare $ 5,815.33
04/04/03 36395 Velocity Express $ 13.91
04/04/03 36396 Pacific Bell $ 120.12
04/10/03 36397 Debra Dawn $ 2,603.60
04/10/03 36398 Federal Express $ 128.70
04/10/03 36399 Lanier Parking $ 715.00
04/10/03 36400 MCI Worldcom $ 3,080.47
04/10/03 36401 MCI Worldcom $ 79.64
04/10/03 36402 Poorman-Douglas Corp. $ 1,179.26
04/10/03 36403 State Compensation Insurance Fund $ 946.28
04/10/03 36404 Sean Moore $ 1,325.00
04/10/03 36405 Pacific Bell $ 105.00
04/17/03 36406 Debra Dawn $ 1,247.00
04/17/03 36407 Federal Express $ 667.40
04/17/03 36408 J. Smith Lanier $ 4,516.00
04/17/03 36409 Judco Management $ 8,625.00
04/17/03 36410 Nextel Communications $ 220.60
04/17/03 36411 Mark Warner $ 5,000.00
04/17/03 36412 Winstead Sechrest & Minick P.C. $ 2,329.58
04/17/03 36413 Pacific Bell $ 404.48
04/25/03 36414 Vanguard Archives $ 666.88
04/25/03 36415 Continental Stock Transfer & Trust $ 863.84
04/25/03 36416 Debra Dawn $ 524.84
04/25/03 36417 Federal Express $ 25.96
04/25/03 36418 H. Peter Gant $ 114.35
04/25/03 36419 Jenner & Block $ 61,749.93
04/25/03 36420 Henry Lyon $ 319.00
04/25/03 36421 MCI Worldcom $ 3,354.55
04/25/03 36422 Metlife $ 12,577.54
04/25/03 36423 Nowalsky, Bronston & Gothard $ 1,716.28
04/25/03 36424 Velocity Express $ 58.72
04/25/03 36425 Winstead Sechrest & Minick P.C. $ 950.00
04/25/03 36426 San Diego Gas & Electric $ 443.79
-----------
Total $213,574.65
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
04/04/03 36390 North Atlanta Realty Acquisition $ 32,121.90
Facilicom
04/17/03 36409 Judco Management $ 8,625.00
World Access Telecommunication Group, Inc.
04/17/03 36412 Winstead Sechrest & Minick P.C. $ 2,329.58
04/25/03 36414 Vanguard Archives $ 666.88
04/25/03 36425 Winstead Sechrest & Minick P.C. $ 950.00
-----------
Total Affiliate Payments $ 44,693.36
-----------
Total WAXS Disbursements $168,881.29
===========
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: April 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- --------------------- -----------
04/08/03 Payroll Taxes $ 20,456.47
04/23/03 Payroll Taxes $ 28,157.76
04/25/03 Processing Fees - ADP $ 693.50
-----------
Total WAXS Disbursements $ 49,307.73
===========
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
For the Month Ending: April 30, 2003
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
------------
Ending inventory $ -
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 143,351.04
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 9
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: April 30, 2003
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
------------------- --------- ------------ -----
Beginning of month balance $ - $ 13,255,566.97 $ 13,255,566.97
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 65,254.14 $ 65,254.14
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
------- --------------- ---------------
End of month balance $ - $ 13,320,821.11 $ 13,320,821.11
======= =============== ===============
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 $ 1,475,774.72 $ 22,331,997.25 $ 23,807,771.97
Add: sales on account $ 1,299,069.60 $ - $ 1,299,069.60
Cash received on behalf of Affiliate $ - $ - $ -
Cash received from Affiliate $ - $ - $ -
Less: payments $ (312,955.83) $ - $ (312,955.83)
-------------- --------------- ---------------
End of month balance $ 2,461,888.49 $ 22,331,997.25 $ 24,793,885.74
============== =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- --------- ---------- ---------- ------------ ------------------
$ 1,123,189.63 $ 122,408.18 $ 111,509.34 $ 1,104,781.34 $ 2,461,888.49
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: April 30, 2003
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
________________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
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
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: May 31, 2003
BEGINNING BALANCE IN ALL ACCOUNTS $ 19,942,820.77
RECEIPTS:
1. Receipts from Operations
2. Other Receipts $ 509,164.25
Other receipts (Received on behalf of Affiliates) $ 8,346.00
---------------
TOTAL RECEIPTS $ 517,510.25
DISBURSEMENTS
3. Net Payroll -
a. Officers $ 42,393.17
b. Others $ 51,369.42
4. Taxes
a. Federal Income Taxes $ 28,709.58
b. FICA Withholdings $ 6,261.16
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 6,261.16
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 6,993.76
g. State Employee withholdings $ 35.96
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ 32,814.00
b. Utilities $ 13,662.93
c. Insurance $ 11,832.14
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 362,842.02
Employee Expenses $ 13,837.17
Office Supplies & Expenses $ 12,377.11
Other $ 14,476.15
---------------
TOTAL DISBURSEMENTS $ 604,019.67
Add: Disbursements made on behalf of Parent or Affiliates $ 77,691.65
---------------
ADJUSTED TOTAL DISBURSEMENTS $ 681,711.32
---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (164,201.07)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 207,755.34
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 309,836.89
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 52,412.90
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 51,843.57
ENDING BALANCE IN Bank of America - Money Market 851018 $ 12,527,918.08
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,222,467.39
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,401,395.53
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
---------------
ENDING BALANCE IN ALL ACCOUNTS $ 19,778,619.70
===============
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: May 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
05/21/03 WXC-UK Estate $ 489,496.71
05/30/03 Verso Technologies $ 8,346.00
------------
Total WAXS Receipts $ 497,842.71
============
Less: Receipts made to or on behalf of Affiliates.
WA Telecom Products Co., Inc.
05/30/03 Verso Technologies $ 8,346.00
------------
Total Affiliate Receipts $ 8,346.00
------------
Total WAXS Receipts $ 489,496.71
============
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: May 31, 2003
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
05/01/03 Interest Received $ 15,186.73
-----------
Total WAXS Receipts $ 15,186.73
===========
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: May 31, 2003
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
05/30/03 Interest Received $ 4,480.81
----------
Total WAXS Receipts $ 4,480.81
==========
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
DISBURSEMENT LISTING
For the Month Ending: May 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
05/01/03 EZ Com Technologies $ 13,000.00
05/05/03 Bank Fees $ 30.00
05/06/03 Katherine Levesque $ 3,498.65
05/21/03 Merrill Lynch $ 153.94
05/30/03 Cowley Hearne $ 750.00
05/30/03 Cowley Hearne $ 880.00
-----------
Total WAXS Disbursements $ 18,312.59
===========
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
05/01/03 EZ Com Technologies $ 13,000.00
05/30/03 Cowley Hearne $ 750.00
05/30/03 Cowley Hearne $ 880.00
$ -
-----------
Total Affiliate Payments $ 14,630.00
-----------
Total WAXS Disbursements $ 3,682.59
===========
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: May 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
05/06/03 Multiple Payroll Checks $ 38,846.85
05/20/03 Multiple Payroll Checks $ 54,915.74
-----------
Total WAXS Disbursements $ 93,762.59
===========
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, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ------------------------------------- --------------
05/01/03 36427 Alston & Bird LLP $ 115,550.32
05/01/03 36428 Apollo Consulting $ 2,000.00
05/01/03 36429 Ascom Hasler Leasing $ 173.34
05/01/03 36430 BellSouth $ 440.95
05/01/03 36431 BellSouth $ 2,234.00
05/01/03 36432 CT Corporation $ 1,070.00
05/01/03 36433 Fedex $ 300.12
05/01/03 36434 Katten Muchin Zavis Roseman $ 5,286.30
05/01/03 36435 North Atlanta Realty Acquisition $ 32,121.90
05/01/03 36436 Nextel Communications $ 424.21
05/01/03 36437 Philpot Relocation $ 564.22
05/01/03 36438 Royal Cup Coffee $ 108.36
05/01/03 36439 Carl Sonne $ 696.64
05/01/03 36440 U.S. Trustee $ 500.00
05/01/03 36442 U.S. Trustee $ 500.00
05/01/03 36443 Poorman-Douglas Corp. $ 1,533.52
05/01/03 36444 U.S. Trustee $ 750.00
05/01/03 36445 U.S. Trustee $ 8,000.00
05/01/03 36446 Velocity Express $ 29.36
05/01/03 36447 Verizon Select Services $ 162.50
05/01/03 36448 Winstead Sechrest & Minick $ 18,309.25
05/01/03 36449 Pacific Bell $ 224.96
05/06/03 36450 Debra Dawn $ 2,904.62
05/06/03 36451 Fedex $ 428.01
05/06/03 36452 Gardner, Carton & Douglas $ 4,601.68
05/06/03 36453 Lanier Parking $ 742.50
05/06/03 36454 MCI Worldcom $ 851.28
05/06/03 36455 Merrill Lynch, Pierce, Fenner & Smith $ 5,642.50
05/06/03 36456 Thorton Grout Finnigan $ 5,548.82
05/06/03 36457 United Healthcare $ 5,815.33
05/06/03 36458 Pacific Bell $ 398.61
05/06/03 36459 MCI Worldcom $ 73.91
05/06/03 36460 MDC - Mark II $ 32,814.00
05/16/03 36461 Debra Dawn $ 3,078.40
05/16/03 36462 Fedex $ 259.00
05/16/03 36463 FTI Consulting $ 7,603.34
05/16/03 36464 Robyn Huffman $ 303.75
05/16/03 36466 Judco Management $ 8,625.00
05/16/03 36467 Lamberth, Cifelli, Stokes & Stout $ 2,795.03
05/16/03 36468 McKenna, Long & Aldridge $ 31,998.93
05/16/03 36469 MCI Worldcom $ 2,218.29
05/16/03 36470 Metlife $ 5,063.98
05/16/03 36471 Nextel Communications $ 240.76
05/16/03 36472 Mark Warner $ 5,000.00
05/16/03 36473 San Diego Gas & Electric $ 462.44
05/16/03 36474 Jenner & Block, LLC $ 128,836.15
05/23/03 36475 Vanguard Archives $ 666.88
05/23/03 36476 BellSouth $ 2,234.00
05/23/03 36477 Debra Dawn $ 3,112.02
05/23/03 36478 Fedex $ 214.80
05/23/03 36479 Katten Muchin Zavis Roseman $ 8,281.49
05/23/03 36480 MCI Worldcom $ 3,354.55
05/23/03 36481 Philpot Relocation $ 807.45
05/23/03 36482 State Compensation Insurance Fund $ 952.83
05/23/03 36483 Well Fargo Bank $ 50,000.00
05/30/03 36484 BellSouth $ 424.21
05/30/03 36485 Continental Stock Transfer & Trust $ 863.33
05/30/03 36486 CT Corporation $ 345.28
05/30/03 36487 Debra Dawn $ 443.59
05/30/03 36488 H. Peter Gant $ 103.25
05/30/03 36489 Gardner, Carton & Douglas $ 748.80
05/30/03 36490 Nextel Communications $ 305.72
05/30/03 36491 Nowalsky, Bronston & Gothard $ 57.64
--------------
Total $ 520,202.12
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
05/01/03 36429 Ascom Hasler Leasing $ 173.34
05/01/03 36435 North Atlanta Realty Acquisition $ 32,121.90
05/01/03 36444 U.S. Trustee $ 750.00
Facilicom
05/01/03 36440 U.S. Trustee $ 500.00
05/16/03 36466 Judco Management $ 8,625.00
05/30/03 36486 CT Corporation $ 345.28
World Access Telecommunication
Group, Inc.
05/01/03 36432 CT Corporation $ 1,070.00
05/01/03 36442 U.S. Trustee $ 500.00
05/01/03 36448 Winstead Sechrest & Minick $ 18,309.25
05/23/03 36475 Vanguard Archives $ 666.88
--------------
Total Affiliate Payments $ 63,061.65
--------------
Total WAXS Disbursements $ 457,140.47
==============
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: May 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- --------------------- ------------
05/06/03 Payroll Taxes $ 19,370.30
05/20/03 Payroll Taxes $ 28,891.32
05/30/03 Processing Fees - ADP $ 1,172.40
------------
Total WAXS Disbursements $ 49,434.02
============
OPERATING REPORT Page 8
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: May 31, 2003
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
----------------
Ending inventory $ -
================
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 142,178.15
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 9
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: May 31, 2003
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
--------- --------------- ----------------
ACCOUNTS RECEIVABLE
Beginning of month balance $ - $ 13,320,821.11 $ 13,320,821.11
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 77,691.65 $ 77,691.65
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
--------- ---------------- ----------------
End of month balance $ - $ 13,398,512.76 $ 13,398,512.76
========= ================ ================
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 $ 2,461,888.49 $ 22,331,997.25 $ 24,793,885.74
Add: sales on account $ 530,092.43 $ - $ 530,092.43
Cash received on behalf of Affiliate $ - $ 8,346.00 $ 8,346.00
Cash received from Affiliate $ - $ - $ -
Less: payments $ (604,019.67) $ - $ (604,019.67)
----------------- ---------------- ----------------
End of month balance $ 2,387,961.25 $ 22,340,343.25 $ 24,728,304.50
================= ================ ================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ------------ -------------- -------------- ---------------- ------------------
$ 324,018.46 $ 725,243.93 $ 122,408.18 $ 1,216,290.68 $ 2,387,961.25
OPERATING REPORT Page 10
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: May 31, 2003
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
_____________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: June 30, 2003
BEGINNING BALANCE IN ALL ACCOUNTS $ 19,778,619.70
RECEIPTS:
1. Receipts from Operations
2. Other Receipts $ 19,969.52
Other receipts (Received on behalf of Affiliates) $ -
----------------
TOTAL RECEIPTS $ 19,969.52
DISBURSEMENTS
3. Net Payroll
a. Officers $ 46,663.10
b. Others $ 49,072.70
4. Taxes
a. Federal Income Taxes $ 26,655.96
b. FICA Withholdings $ 5,304.97
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 5,304.99
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 6,551.62
g. State Employee withholdings $ 17.30
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 10,189.91
c. Insurance $ 10,656.80
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 826,870.86
Employee Expenses $ 13,080.50
Office Supplies & Expenses $ 4,278.63
Other $ 5,942.92
----------------
TOTAL DISBURSEMENTS $ 1,010,744.20
Add: Disbursements made on behalf of Parent or Affiliates $ 61,634.81
----------------
ADJUSTED TOTAL DISBURSEMENTS $ 1,072,379.01
----------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (1,052,409.49)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 494,571.40
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ (109,099.62)
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 31,677.10
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 32,320.81
ENDING BALANCE IN Bank of America - Money Market 851018 $ 11,642,756.78
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,226,617.23
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,402,376.51
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
----------------
ENDING BALANCE IN ALL ACCOUNTS $ 18,726,210.21
================
OPERATING REPORT Page 1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: June 30, 2003
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- --------
06/13/03 Interest Received $ 980.98
--------
Total WAXS Receipts $ 980.98
========
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: June 30, 2003
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- -----------
06/30/03 Interest Received $ 14,838.70
-----------
Total WAXS Receipts $ 14,838.70
===========
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: June 30, 2003
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- -----------
06/30/03 Interest Received $ 4,149.84
-----------
Total WAXS Receipts $ 4,149.84
===========
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
DISBURSEMENT LISTING
For the Month Ending: June 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------------
06/02/03 EZ-Com Technologies $ 13,000.00
06/03/03 Bank Fees $ 30.00
06/19/03 Merrill Lynch $ 153.94
------------
Total WAXS Disbursements $ 13,183.94
============
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
06/02/03 EZ-Com Technologies $ 13,000.00
------------
Total Affiliate Payments $ 13,000.00
------------
Total WAXS Disbursements $ 183.94
============
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: June 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------------
06/03/03 Multiple Payroll Checks $ 39,820.21
06/17/03 Multiple Payroll Checks $ 55,915.59
------------
Total WAXS Disbursements $ 95,735.80
============
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: June 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ --------------------------------- --------------
06/06/03 36492 Apollo Consulting $ 2,000.00
06/06/03 36493 CLS Security Electronics $ 77.85
06/06/03 36494 Virginia Cook $ 201.54
06/06/03 36497 Debra Dawn $ 1,485.35
06/06/03 36498 Fedex $ 272.18
06/06/03 36499 H. Peter Gant $ 323.73
06/06/03 36500 Levine & Block $ 155,596.82
06/06/03 36501 Metlife $ 5,063.98
06/06/03 36502 North Atlanta Realty Acquisition $ 32,051.90
06/06/03 36503 Thornton Grout Finnigan $ 1,012.97
06/06/03 36504 Winstead Sechrest & Minick $ 2,610.15
06/06/03 36505 Pacific Bell $ 123.16
06/13/03 36506 Debra Dawn $ 543.50
06/13/03 36507 Fedex $ 580.10
06/13/03 36508 FTI Consulting $ 2,396.00
06/13/03 36509 Judco Management $ 8,625.00
06/13/03 36510 Lanier Parking $ 770.00
06/13/03 36511 MCI Worldcom $ 3,115.34
06/13/03 36512 MCI Worldcom $ 84.84
06/13/03 36513 Michael Mies $ 272.24
06/13/03 36514 Nextel Communications $ 263.48
06/13/03 36515 Poorman-Douglas $ 1,778.89
06/13/03 36516 State Compensation Insurance Fund $ 952.82
06/13/03 36517 Mark Warner $ 5,000.00
06/13/03 36518 Pacific Bell $ 511.94
06/20/03 36520 Alston & Bird LLP $ 376,766.63
06/20/03 36521 Debra Dawn $ 4,616.24
06/20/03 36522 Fedex $ 237.50
06/20/03 36523 H. Peter Gant $ 304.16
06/20/03 36525 Jenner & Block, LLC $ 86,225.58
06/20/03 36526 Katherine Levesque $ 617.03
06/20/03 36527 MCI Worldcom $ 3,354.55
06/20/03 36528 Winstead Sechrest & Minick $ 4,680.88
06/20/03 36529 San Diego Gas & Electric $ 502.60
06/27/03 36530 Vanguard Archives $ 666.88
06/27/03 36531 BellSouth $ 2,234.00
06/27/03 36532 Debra Dawn $ 2,970.90
06/27/03 36533 Fedex $ 202.01
06/27/03 36534 Levine & Block $ 203,093.97
06/27/03 36535 NCCI, Inc. $ 4,640.00
06/27/03 36536 Jack Phillips $ 496.78
06/27/03 36537 Royal Cup Coffee $ 138.99
06/27/03 36538 Kamran Saeed $ 225.00
06/27/03 36539 Carl Sonne $ 1,249.03
-------------
Total $ 918,936.51
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
06/06/03 36502 North Atlanta Realty Acquisition $ 32,051.90
Facilicom
06/13/03 36509 Judco Management $ 8,625.00
World Access Telecommunication Group, Inc.
06/06/03 36504 Winstead Sechrest & Minick $ 2,610.15
06/20/03 36528 Winstead Sechrest & Minick $ 4,680.88
06/27/03 36530 Vanguard Archives $ 666.88
-------------
Total Affiliate Payments $ 48,634.81
-------------
Total WAXS Disbursements $ 870,301.70
=============
OPERATING REPORT Page 7
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- -------------
06/03/03 Payroll Taxes $ 18,436.18
06/17/03 Payroll Taxes $ 25,398.66
06/27/03 Processing Fees - ADP $ 687.92
-------------
Total WAXS Disbursements $ 44,522.76
=============
OPERATING REPORT Page 8
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: June 30, 2003
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
-----------------
Ending inventory $ -
=================
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 139,724.58
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 9
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: June 30, 2003
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
------------- ---------------- ------------------
ACCOUNTS RECEIVABLE
Beginning of month balance $ - $ 13,398,512.76 $ 13,398,512.76
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 61,634.81 $ 61,634.81
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
------------- ---------------- ------------------
End of month balance $ - $ 13,460,147.57 $ 13,460,147.57
============= ================ ==================
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 $ 2,387,961.25 $ 22,340,343.25 $ 24,728,304.50
Add: sales on account $ 522,947.07 $ - $ 522,947.07
Cash received on behalf of Affiliate $ - $ - $ -
Cash received from Affiliate $ - $ - $ -
Less: payments $ (1,010,744.20) $ - $ (1,010,744.20)
---------------- ----------------- ---------------
End of month balance $ 1,900,164.12 $ 22,340,343.25 $ 24,240,507.37
================ ================= ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ------------ ------------ ------------ -------------- ------------------
$ 347,586.89 $ 107,223.47 $ 106,654.90 $ 1,338,698.86 $ 1,900,164.12
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: June 30, 2003
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
_____________________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: July 31, 2003
BEGINNING BALANCE IN ALL ACCOUNTS $ 18,726,210.21
RECEIPTS:
1. Receipts from Operations $ -
2. Other Receipts $ 139,262.44
Other receipts (Received on behalf of Affiliates) $ -
------------------
TOTAL RECEIPTS $ 139,262.44
DISBURSEMENTS
3. Net Payroll
a. Officers $ 64,447.62
b. Others $ 72,804.47
4. Taxes
a. Federal Income Taxes $ 35,686.36
b. FICA Withholdings $ 5,710.70
c. Employee's withholdings $ 230.91
d. Employer's FICA $ 5,710.68
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 9,174.27
g. State Employee withholdings $ -
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 8,789.62
c. Insurance $ 29,088.00
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 103,767.69
Employee Expenses $ 6,850.48
Office Supplies & Expenses $ 6,955.45
Other $ 16,124.92
------------------
TOTAL DISBURSEMENTS $ 365,341.17
Add: Disbursements made on behalf of Parent or Affiliates $ 61,977.81
------------------
ADJUSTED TOTAL DISBURSEMENTS $ 427,318.98
------------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (288,056.54)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 566,671.02
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 270,939.03
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 19,425.01
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 36,182.62
ENDING BALANCE IN Bank of America - Money Market 851018 $ 10,906,230.04
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,230,252.60
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,403,463.35
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
------------------
ENDING BALANCE IN ALL ACCOUNTS $ 18,438,153.67
==================
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: July 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------------
07/14/03 State of Illinois $ 40,267.01
07/14/03 Bill Nipper $ 55.00
07/24/03 State of Illinois $ 80,744.96
------------
Total WAXS Receipts $ 121,066.97
============
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: July 31, 2003
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------------
07/14/03 Interest Received $ 1,086.84
------------
Total WAXS Receipts $ 1,086.84
============
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: July 31, 2003
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------------
07/31/03 Interest Received $ 13,473.26
------------
Total WAXS Receipts $ 13,473.26
============
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: July 31, 2003
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------------
07/31/03 Interest Received $ 3,635.37
------------
Total WAXS Receipts $ 3,635.37
============
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: July 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------------
07/02/03 EZ-Com Technologies $ 13,000.00
07/03/03 Bank Fees $ 30.00
07/30/03 Merrill Lynch $ 230.91
------------
Total WAXS Disbursements $ 13,260.91
============
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
07/02/03 EZ-Com Technologies $ 13,000.00
------------
Total Affiliate Payments $ 13,000.00
------------
Total WAXS Disbursements $ 260.91
============
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: July 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- -----------
07/02/03 Multiple Payroll Checks $ 42,978.63
07/15/03 Multiple Payroll Checks $ 39,563.25
07/30/03 Multiple Payroll Checks $ 54,710.21
-----------
Total WAXS Disbursements $137,252.09
===========
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: July 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ---------------------------------- -------------
07/01/03 36419 Jenner & Block, LLC $ 2,000.00
07/01/03 36540 Apollo Consulting $ 2,000.00
07/01/03 36541 BellSouth $ 424.21
07/01/03 36542 Continental Stock Transfer & Trust $ 869.71
07/01/03 36543 Sarah Curnow $ 210.00
07/01/03 36544 Debra Dawn $ 1,657.46
07/01/03 36545 Gardner, Carton & Douglas $ 548.21
07/01/03 36546 Ikon Office Solutions $ 314.71
07/01/03 36547 Lamberth, Cifelli, Stokes & Stout $ 6,335.92
07/01/03 36548 McKenna Long & Aldridge $ 19,962.20
07/01/03 36549 North Atlanta Realty Acquisition $ 32,050.95
07/01/03 36550 Nextel Communications $ 296.80
07/01/03 36551 Osborne Clarke $ 7,692.99
07/01/03 36552 Philpot Relocation $ 1,938.38
07/01/03 36553 Poorman-Douglas Corp. $ 1,417.11
07/01/03 36554 Pacific Bell $ 120.25
07/03/03 36555 OSHA $ 2,000.00
07/11/03 36556 Debra Dawn $ 2,447.71
07/11/03 36557 Fedex $ 431.34
07/11/03 36558 Jenner & Block, LLC $ 52,644.90
07/11/03 36559 Katten Muchin Zavis Roseman $ 4,128.08
07/11/03 36560 Lanier Parking $ 660.00
07/11/03 36561 MCI WorldCom $ 82.41
07/11/03 36562 Metlife $ 5,063.98
07/11/03 36563 Osborne Clarke $ 1,760.07
07/11/03 36564 Rich Stevenson $ 945.00
07/11/03 36565 Thornton Grout Finnigan $ 125.49
07/11/03 36566 TLC Staffing $ 2,387.22
07/11/03 36567 United Healthcare $ 2,958.09
07/11/03 36568 Winstead Sechrest & Minick $ 2,880.51
07/11/03 36569 Pacific Bell $ 95.07
07/15/03 36570 Copier Solutions $ 995.73
07/15/03 36571 Vanguard Archives $ 666.88
07/15/03 36572 Sarah Curnow $ 120.00
07/15/03 36573 Debra Dawn $ 1,615.42
07/15/03 36574 Fedex $ 506.93
07/15/03 36575 MCI WorldCom $ 3,155.11
07/15/03 36576 Nextel Communications $ 277.35
07/15/03 36577 Jim Piper $ 90.00
07/15/03 36578 Royal Cup Coffee $ 108.36
07/15/03 36579 State Compensation Insurance Fund $ 898.57
07/15/03 36580 TLC Staffing $ 2,642.70
07/15/03 36581 Mark Warner $ 5,000.00
07/15/03 36582 Pacific Bell $ 404.37
07/15/03 36583 San Diego Gas & Electric $ 577.11
07/15/03 36585 Latham & Watkins Schon Nolte $ 4,365.32
07/22/03 36586 CNA Insurance $ 18,167.36
07/22/03 36587 Debra Dawn $ 959.67
07/22/03 36588 Gardner, Carton & Douglas $ 2,787.40
07/22/03 36589 Keith Harrison $ 625.00
07/22/03 36590 Judco Management $ 8,625.00
07/22/03 36591 Katherine Levesque $ 170.22
07/22/03 36592 MCI WorldCom $ 3,356.94
07/22/03 36593 TLC Staffing $ 2,642.67
07/22/03 36594 Winstead Sechrest & Minick $ 4,754.47
-------------
Total $ 219,961.35
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
07/01/03 36549 North Atlanta Realty Acquisition $ 32,050.95
Facilicom
07/22/03 36590 Judco Management $ 8,625.00
World Access Telecommunication Group, Inc.
07/11/03 36568 Winstead Sechrest & Minick $ 2,880.51
07/15/03 36571 Vanguard Archives $ 666.88
07/22/03 36594 Winstead Sechrest & Minick $ 4,754.47
-------------
Total Affiliate Payments $ 48,977.81
-------------
Total WAXS Disbursements $ 170,983.54
=============
OPERATING REPORT Page 8
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: July 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- -----------
07/02/03 Payroll Taxes $ 17,297.85
07/15/03 Payroll Taxes $ 15,706.44
07/25/03 Processing Fees - ADP $ 23,277.72
07/30/03 Payroll Taxes $ 562.62
-----------
Total WAXS Disbursements $ 56,844.63
===========
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: July 31, 2003
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
------------
Ending inventory $ -
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 193,765.01
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 10
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: July 31, 2003
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
--------------- ---------------- ---------------
ACCOUNTS RECEIVABLE
Beginning of month balance $ - $ 13,460,147.57 $ 13,460,147.57
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 61,977.81 $ 61,977.81
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
--------------- ---------------- ---------------
End of month balance $ - $ 13,522,125.38 $ 13,522,125.38
=============== ================ ===============
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 $ 1,900,164.12 $ 22,340,343.25 $ 24,240,507.37
Add: sales on account $ 446,848.18 $ - $ 446,848.18
Cash received on behalf of Affiliate $ - $ - $ -
Cash received from Affiliate $ - $ - $ -
Less: payments $ (365,341.17) $ - $ (365,341.17)
--------------- ---------------- ---------------
End of month balance $ 1,981,671.13 $ 22,340,343.25 $ 24,322,014.38
=============== ================ ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 215,085.61 $ 214,008.29 $ 107,223.47 $ 1,445,353.76 $ 1,981,671.13
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: July 31, 2003
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes incurred
after the filing of their Chapter 11 petition on an as due basis. Please
indicate whether the following post petition taxes or withholdings have been
paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid, the
amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
__________________________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 13
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: August 31, 2003
BEGINNING BALANCE IN ALL ACCOUNTS $ 18,438,153.67
RECEIPTS:
1. Receipts from Operations $ -
2. Other Receipts $ 15,953.64
Other receipts (Received on behalf of Affiliates) $ -
---------------
TOTAL RECEIPTS $ 15,953.64
DISBURSEMENTS
3. Net Payroll
a. Officers $ 40,803.03
b. Others $ 41,596.83
4. Taxes
a. Federal Income Taxes $ 21,353.46
b. FICA Withholdings $ 2,397.82
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 2,397.82
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 2,731.82
g. State Employee withholdings $ 2,731.82
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 13,550.17
c. Insurance $ 15,524.83
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses
Professional and Bankruptcy Court Related Fees and Expenses $ 439,044.74
Employee Expenses $ 11,136.91
Office Supplies & Expenses $ 4,741.90
Other $ 32,577.13
---------------
TOTAL DISBURSEMENTS $ 630,742.22
Add: Disbursements made on behalf of Parent or Affiliates $ 85,612.62
---------------
ADJUSTED TOTAL DISBURSEMENTS $ 716,354.84
---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (700,401.20)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 149,479.21
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 161,588.24
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 62,025.15
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 53,825.24
ENDING BALANCE IN Bank of America - Money Market 851018 $ 10,667,681.90
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,233,763.74
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,404,398.99
ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ -
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
---------------
ENDING BALANCE IN ALL ACCOUNTS $ 17,737,752.47
===============
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: August 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- --------------------------------------------- ---------------
08/25/03 Bill Nipper $ 55.00
---------------
Total WAXS Receipts $ 55.00
===============
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: August 31, 2003
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- --------------------------------------------- ---------------
08/13/03 Interest Received $ 935.64
---------------
Total WAXS Receipts $ 935.64
===============
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: August 31, 2003
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- --------------------------------------------- ---------------
08/29/03 Interest Received $ 11,451.86
---------------
Total WAXS Receipts $ 11,451.86
===============
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: August 31, 2003
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- --------------------------------------------- ---------------
08/29/03 Interest Received $ 3,511.14
---------------
Total WAXS Receipts $ 3,511.14
===============
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: August 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
-------------- ----------- ------
08/01/03 EZ-Com Technologies $ 13,000.00
08/05/03 Bank Fees $ 30.00
08/25/03 Bank Fees - FCI Check Copies $ 1,594.29
08/25/03 Bank Fees - WXC Check Copies $ 2,468.58
08/28/03 Merrill Lynch $ 153.94
------------
Total WAXS Disbursements $ 17,246.81
============
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
08/01/03 EZ-Com Technologies $ 13,000.00
08/25/03 Bank Fees - FCI Check Copies $ 1,594.29
WorldxChange
08/25/03 Bank Fees - WXC Check Copies $ 2,468.58
------------
Total Affiliate Payments $ 17,062.87
------------
Total WAXS Disbursements $ 183.94
============
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: August 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
08/12/03 Multiple Payroll Checks $ 41,214.95
08/26/03 Multiple Payroll Checks $ 41,184.91
------------
Total WAXS Disbursements $ 82,399.86
============
OPERATING REPORT Page 7
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: August 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
08/01/03 Bank Fees $ 776.31
08/01/03 36595 Iron Mountain $ 6,000.00
08/01/03 36596 Apollo Consulting $ 2,000.00
08/01/03 36597 BellSouth $ 420.98
08/01/03 36598 BellSouth $ 2,238.96
08/01/03 36599 Continental Stock Transfer & Trust $ 871.03
08/01/03 36600 Debra Dawn $ 1,826.19
08/01/03 36601 Fedex $ 596.18
08/01/03 36602 Gardner, Carton & Douglas $ 3,161.75
08/01/03 36603 Jenner & Block, LLC $ 34,760.00
08/01/03 36604 Judco Management $ 1,600.00
08/01/03 36605 Katten Muchin Zavis Roseman $ 8,423.20
08/01/03 36606 Katten Muchin Zavis Roseman $ 12,663.94
08/01/03 36607 Levine & Block $ 64,039.63
08/01/03 36608 Merrill Lynch, Pierce, Fenner & Smith $ 5,590.00
08/01/03 36609 North Atlanta Realty Acquisition $ 30,231.72
08/01/03 36610 Nextel Communications $ 746.32
08/01/03 36611 Philpot Relocation $ 3,942.14
08/01/03 36612 Poorman-Douglas Corp. $ 2,429.99
08/01/03 36613 TLC Staffing $ 1,673.42
08/01/03 36614 United Healthcare $ 8,615.95
08/01/03 36615 Winstead Sechrest & Minick $ 18,566.74
08/01/03 36616 Pacific Bell $ 121.92
08/08/03 36617 Debra Dawn $ 1,940.99
08/08/03 36618 Lanier Parking $ 440.00
08/08/03 36619 Levine & Block $ 85,683.24
08/08/03 36620 Metlife $ 5,063.98
08/08/03 36621 Philpot Relocation $ 796.73
08/08/03 36622 Carl Sonne $ 1,364.57
08/08/03 36623 Rich Stevenson $ 450.00
08/08/03 36624 TLC Staffing $ 1,041.66
08/08/03 36625 U.S. Trustee $ 500.00
08/08/03 36626 U.S. Trustee $ 8,000.00
08/08/03 36627 U.S. Trustee $ 750.00
08/08/03 36628 U.S. Trustee $ 500.00
08/08/03 36629 Pacific Bell $ 96.52
08/08/03 36630 Copier Solutions $ 495.00
08/12/03 36631 Iron Mountain $ 310.16
08/15/03 36632 Armstrong Teasdale LLP $ 1,557.32
08/15/03 36633 Debra Dawn $ 1,088.85
08/15/03 36634 Ernst & Young LLP $ 63,642.19
08/15/03 36635 Ernst & Young LLP $ 3,289.88
08/15/03 36636 Fedex $ 337.73
08/15/03 36637 H. Peter Gant $ 74.00
08/15/03 36638 MCI WorldCom $ 3,030.56
08/15/03 36639 MCI WorldCom $ 118.32
08/15/03 36640 Nextel Communications $ 222.30
08/15/03 36641 Royal Cup Coffee $ 108.36
08/15/03 36642 State Compensation Insurance Fund $ 1,844.90
08/15/03 36643 Thornton Grout Finnigan $ 1,891.42
08/15/03 36644 TLC Staffing $ 1,051.31
08/15/03 36645 Velocity Express $ 14.62
08/15/03 36646 Mark Warner $ 5,000.00
08/15/03 36647 Pacific Bell $ 404.70
08/22/03 36648 Vanguard Archives $ 666.13
08/22/03 36649 Alston & Bird LLP $ 87,488.42
08/22/03 36650 Debra Dawn $ 1,638.87
08/22/03 36651 Fedex $ 246.10
08/22/03 36652 Judco Management $ 8,625.00
08/22/03 36653 Osborne Clarke $ 1,275.00
08/22/03 36654 Kamran Saeed $ 450.00
08/22/03 36655 Rich Stevenson $ 270.00
08/22/03 36656 TLC Staffing $ 733.02
08/22/03 36657 San Diego Gas & Electric $ 598.01
08/26/03 36658 Judco Management $ 800.00
08/29/03 36659 BellSouth $ 2,195.54
08/29/03 36660 CLS Security Electronics $ 337.85
08/29/03 36661 Continental Stock Transfer & Trust $ 876.30
08/29/03 36662 Debra Dawn $ 2,235.11
08/29/03 36663 Fedex $ 136.06
08/29/03 36664 Gardner, Carton & Douglas $ 3,021.85
08/29/03 36665 Jenner & Block, LLC $ 56,308.30
08/29/03 36666 Katten Muchin Zavis Roseman $ 9,408.61
08/29/03 36667 MCI WorldCom $ 3,356.04
08/29/03 36668 Kamran Saeed $ 310.57
08/29/03 36669 Carl Sonne $ 968.33
----------------
Total $ 584,350.79
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
08/01/03 36609 North Atlanta Realty Acquisition $ 30,231.72
08/08/03 36627 U.S. Trustee $ 750.00
Facilicom
08/01/03 36604 Judco Management $ 1,600.00
08/08/03 36628 U.S. Trustee $ 500.00
08/22/03 36652 Judco Management $ 8,625.00
08/26/03 36658 Judco Management $ 800.00
World Access Telecommunication Group, Inc.
08/01/03 36615 Winstead Sechrest & Minick $ 18,566.74
08/08/03 36625 U.S. Trustee $ 500.00
08/22/03 36648 Vanguard Archives $ 666.13
WorldxChange
08/01/03 36595 Iron Mountain $ 6,000.00
08/12/03 36631 Iron Mountain $ 310.16
----------------
Total Affiliate Payments $ 68,549.75
----------------
Total WAXS Disbursements $ 515,801.04
================
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: August 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
08/12/03 Payroll Taxes $ 15,791.35
08/22/03 Processing Fees $ 744.64
08/26/03 Payroll Taxes $ 15,821.39
-----------
Total WAXS Disbursements $ 32,357.38
===========
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: August 31, 2003
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
--------------------
Ending inventory $ -
====================
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 114,166.54
Payroll taxes due but unpaid $ -
STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS
DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF
NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT
- ----------------------- -------------- ---------------- ------------------- -------------------
Xerox Corporation Monthly $ 1,247.84 10 $ 12,478.40
OPERATING REPORT Page 10
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: August 31, 2003
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
--------- ------------ -----
ACCOUNTS RECEIVABLE
Beginning of month balance $ - $ 13,522,125.38 $ 13,522,125.38
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 85,612.62 $ 85,612.62
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
--------- --------------- ---------------
End of month balance $ - $ 13,607,738.00 $ 13,607,738.00
========= =============== ===============
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 $ 1,981,671.13 $ 22,340,343.25 $ 24,322,014.38
Add: sales on account $ 932,860.68 $ - $ 932,860.68
Cash received on behalf of Affiliate $ - $ - $ -
Cash received from Affiliate $ - $ - $ -
Less: payments $ (630,742.22) $ - $ (630,742.22)
-------------- --------------- ---------------
End of month balance $ 2,283,789.59 $ 22,340,343.25 $ 24,624,132.84
============== =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- --------- ---------- ---------- ------------ ------------------
$ 789,558.66 $ 109,973.44 $ 106,320.55 $ 1,277,936.94 $ 2,283,789.59
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: August 31, 2003
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
________________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 13
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: September 30, 2003
BEGINNING BALANCE IN ALL ACCOUNTS $ 17,737,752.47
RECEIPTS:
1. Receipts from Operations $ -
2. Other Receipts $ 16,076.00
Other receipts (Received on behalf of Affiliates) $ -
---------------
TOTAL RECEIPTS $ 16,076.00
DISBURSEMENTS
3. Net Payroll
a. Officers $ 65,238.92
b. Others $ 75,945.48
4. Taxes
a. Federal Income Taxes $ 44,493.41
b. FICA Withholdings $ 3,720.21
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 3,720.21
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 11,114.43
g. State Employee withholdings $ -
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 8,603.82
c. Insurance $ 13,901.62
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 282,808.11
Employee Expenses $ 7,369.86
Office Supplies & Expenses $ 8,364.68
Other $ 8,627.13
---------------
TOTAL DISBURSEMENTS $ 534,061.82
Add: Disbursements made on behalf of Parent or Affiliates $ 71,154.02
---------------
ADJUSTED TOTAL DISBURSEMENTS $ 605,215.84
---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (589,139.84)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 135,691.14
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 76,147.51
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 45,840.75
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 65,094.60
ENDING BALANCE IN Bank of America - Money Market 851018 $ 10,178,400.70
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,237,171.19
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,405,276.74
ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ -
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
---------------
ENDING BALANCE IN ALL ACCOUNTS $ 17,148,612.63
===============
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: September 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
09/16/03 Bill Nipper $ 55.00
09/16/03 State Comptroller of Texas $ 1,017.00
----------
Total WAXS Receipts $ 1,072.00
==========
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: September 30, 2003
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
09/12/03 Interest Received $ 877.75
--------
Total WAXS Receipts $ 877.75
========
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: September 30, 2003
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
09/30/03 Interest Received $ 10,718.80
-----------
Total WAXS Receipts $ 10,718.80
===========
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: September 30, 2003
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
09/30/03 Interest Received $ 3,407.45
----------
Total WAXS Receipts $ 3,407.45
==========
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: September 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
09/02/03 EZ-Com Technologies $ 13,000.00
09/03/03 Bank Fees $ 30.00
09/25/03 Bank Fees - FCI Check Copies $ 135.80
09/25/03 Bank Fees - WXC Check Copies $ 1,540.33
09/29/03 Merrill Lynch $ 153.94
-----------
Total WAXS Disbursements $ 14,860.07
===========
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
09/02/03 EZ-Com Technologies $ 13,000.00
09/25/03 Bank Fees - FCI Check Copies $ 135.80
WorldxChange
09/25/03 Bank Fees - WXC Check Copies $ 1,540.33
-----------
Total Affiliate Payments $ 14,676.13
-----------
Total WAXS Disbursements $ 183.94
===========
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: September 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ -------------------------------------------------- ------------
09/09/03 Multiple Payroll Checks $ 42,130.84
09/23/03 Multiple Payroll Checks $ 99,053.56
------------
Total WAXS Disbursements $ 141,184.40
============
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: September 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ -------------------------------------------------- ------------
09/03/03 36670 Apollo Consulting $ 2,000.00
09/03/03 36671 BellSouth $ 412.73
09/03/03 36672 Debra Dawn $ 1,053.98
09/03/03 36673 Federal Express $ 515.01
09/03/03 36674 Lamberth, Cifelli, Stokes & Stout $ 6,120.09
09/03/03 36676 McKenna Long & Aldridge $ 42,319.67
09/03/03 36677 Metlife $ 5,885.92
09/03/03 36678 North Atlanta Realty Acquisition $ 30,231.72
09/03/03 36679 Nextel Communications $ 496.88
09/03/03 36680 Philpot Relocation $ 552.59
09/03/03 36681 Poorman-Douglas Corp. $ 1,830.47
09/03/03 36682 Kamran Saeed $ 225.00
09/03/03 36683 TLC Staffing $ 684.80
09/03/03 36684 United HealthCare $ 6,748.87
09/03/03 36685 Velocity Express $ 21.32
09/03/03 36686 Pacific Bell $ 215.86
09/03/03 36687 Lanier Parking $ 550.00
09/11/03 36688 Alston & Bird LLC $ 87,935.69
09/11/03 36689 Copier Solutions $ 495.00
09/11/03 36690 Fact Finders Group $ 5,000.00
09/11/03 36691 Federal Express $ 250.39
09/11/03 36692 FTI Consulting $ 7,453.40
09/11/03 36693 Katherine Levesque $ 1,567.29
09/11/03 36694 Levine & Block $ 79,306.61
09/11/03 36695 MCI WorldCom $ 2,913.94
09/11/03 36696 MCI WorldCom $ 70.33
09/11/03 36697 Nextel Communications $ 253.14
09/11/03 36698 Royal Cup Coffee $ 81.28
09/11/03 36699 Kamran Saeed $ 225.00
09/11/03 36700 Thorton Grout Finnigan LLP $ 2,426.30
09/11/03 36701 TLC Staffing $ 607.64
09/11/03 36702 Pacific Bell $ 405.60
09/17/03 36703 Debra Dawn $ 2,454.88
09/17/03 36704 H. Peter Gant $ 176.68
09/17/03 36705 Jenner & Block, LLC $ 49,841.01
09/17/03 36706 Judco Management $ 8,625.00
09/17/03 36707 Katherine Levesque $ 105.00
09/17/03 36708 Philpot Relocation $ 2,078.32
09/17/03 36709 Kamran Saeed $ 225.00
09/17/03 36710 State Compensation Insurance Fund $ 1,266.83
09/17/03 36711 TLC Staffing $ 752.31
09/17/03 36712 Wall Street Journal $ 202.23
09/17/03 36713 Mark Warner $ 5,000.00
09/17/03 36714 Winstead Sechrest & Minick $ 16,955.04
09/17/03 36715 San Diego Gas & Electric $ 479.30
09/24/03 36716 Vanguard Archives $ 666.13
09/24/03 36717 Debra Dawn $ 1,802.13
09/24/03 36718 Federal Express $ 456.95
09/24/03 36719 H. Peter Gant $ 111.19
09/24/03 36720 MCI WorldCom $ 3,356.04
09/24/03 36721 Michael Mies $ 98.71
09/24/03 36722 Osborne-Clarke $ 569.06
09/24/03 36723 Philpot Relocation $ 1,110.65
09/24/03 36724 Prudential Securities $ 5.81
09/24/03 36725 Kamran Saeed $ 225.00
09/24/03 36726 Velocity Express $ 20.94
------------
Total $ 385,440.73
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
09/03/03 36678 North Atlanta Realty Acquisition $ 30,231.72
Facilicom
09/17/03 36706 Judco Management $ 8,625.00
World Access Telecommunication Group, Inc.
09/17/03 36714 Winstead Sechrest & Minick $ 16,955.04
09/24/03 36716 Vanguard Archives $ 666.13
------------
Total Affiliate Payments $ 56,477.89
------------
Total WAXS Disbursements $ 328,962.84
============
OPERATING REPORT Page 8
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: September 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------------------------------------------- -----------
09/09/03 Payroll Taxes $ 16,378.52
09/23/03 Payroll Taxes $ 46,669.74
09/26/03 Processing Fees $ 682.38
-----------
Total WAXS Disbursements $ 63,730.64
===========
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: September 30, 2003
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
------------
Ending inventory $ -
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 204,386.60
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 10
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: September 30, 2003
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
-------------- -------------- --------------
ACCOUNTS RECEIVABLE
Beginning of month balance $ - $13,607,738.00 $13,607,738.00
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 71,154.02 $ 71,154.02
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
-------------- -------------- --------------
End of month balance $ - $13,678,892.02 $13,678,892.02
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ----------- ------------ ------------ -------------- ------------------
$ - $ - $ - $ - $ -
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL
-------------- -------------- --------------
Beginning of month balance $ 2,283,789.59 $22,340,343.25 $24,624,132.84
Add: sales on account $ 281,370.19 $ - $ 281,370.19
Cash received on behalf of Affiliate $ - $ - $ -
Cash received from Affiliate $ - $ - $ -
Less: payments $ (534,061.82) $ - $ (534,061.82)
-------------- -------------- --------------
End of month balance $ 2,031,097.96 $22,340,343.25 $24,371,441.21
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ----------- ------------ ------------ -------------- ------------------
$ 47,695.59 $ 489,171.44 $ 109,973.44 $ 1,384,257.49 $ 2,031,097.96
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: September 30, 2003
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
_________________________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 13