EXHIBIT 99.1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: October 31, 2003
BEGINNING BALANCE IN ALL ACCOUNTS $ 17,148,612.63
RECEIPTS:
1. Receipts from Operations $ -
2. Other Receipts $ 14,270.26
Preference Collections $ 23,079.19
Other receipts (Received on behalf of Affiliates) $ -
------------------
TOTAL RECEIPTS $ 37,349.45
DISBURSEMENTS
3. Net Payroll
a. Officers $ 40,803.18
b. Others $ 42,351.54
4. Taxes
a. Federal Income Taxes $ 21,728.76
b. FICA Withholdings $ 2,129.78
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 2,129.78
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 5,507.64
g. State Employee withholdings $ -
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ 16,407.00
b. Utilities $ 14,069.48
c. Insurance $ 14,113.15
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 365,132.32
Employee Expenses $ 8,832.36
Office Supplies & Expenses $ 4,668.36
Other $ 16,721.43
------------------
TOTAL DISBURSEMENTS $ 554,748.72
Add: Disbursements made on behalf of Parent or Affiliates $ 95,660.64
------------------
ADJUSTED TOTAL DISBURSEMENTS $ 650,409.36
------------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (613,059.91)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 116,467.60
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ (16,056.39)
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 37,686.03
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 57,401.59
ENDING BALANCE IN Bank of America - Money Market 851018 $ 9,688,271.50
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,240,641.26
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,406,151.13
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
------------------
ENDING BALANCE IN ALL ACCOUNTS $ 16,535,552.72
==================
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: October 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
10/16/03 Paetec Communications, Inc. $ 1,000.00
10/16/03 Bill Nipper $ 55.00
10/16/03 McBride Electric $ 4,000.00
10/16/03 Elite Transport, Inc. $ 10,079.19
10/22/03 Tele-Pacific Communications $ 8,000.00
------------------
Total WAXS Receipts $ 23,134.19
==================
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: October 31, 2003
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
10/14/03 Interest Received $ 874.39
------------------
Total WAXS Receipts $ 874.39
==================
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: October 31, 2003
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
10/31/03 Interest Received $ 9,870.80
------------------
Total WAXS Receipts $ 9,870.80
==================
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: October 31, 2003
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
10/31/03 Interest Received $ 3,470.07
------------------
Total WAXS Receipts $ 3,470.07
==================
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, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
10/01/03 EZ-Com Technologies $ 13,000.00
10/03/03 Bank Fees $ 30.00
10/09/03 EZ-Com Technologies $ 165.00
10/24/03 Merrill Lynch $ 153.94
10/27/03 Bank Fees - FCI Cancelled Check Copies $ 1,181.70
10/27/03 Bank Fees - WXC Cancelled Check Copies $ 2,827.09
-----------
Total WAXS Disbursements $ 17,357.73
===========
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
10/01/03 EZ-Com Technologies $ 13,000.00
10/09/03 EZ-Com Technologies $ 165.00
10/27/03 Bank Fees - FCI Cancelled Check Copies $ 1,181.70
WorldxChange
10/27/03 Bank Fees - WXC Cancelled Check Copies $ 2,827.09
-----------
Total Affiliate Payments $ 17,173.79
-----------
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: October 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
10/03/03 36727 Apollo Consulting $ 2,000.00
10/03/03 36728 BellSouth $ 433.37
10/03/03 36729 BellSouth $ 2,214.34
10/03/03 36730 Continental Stock Transfer & Trust Company $ 872.99
10/03/03 36731 Debra Dawn $ 803.58
10/03/03 36732 Federal Express $ 116.68
10/03/03 36733 H. Peter Gant $ 98.42
10/03/03 36734 Gardner, Carton & Douglas $ 1,581.07
10/03/03 36735 Robyn C. Huffman $ 285.00
10/03/03 36736 Katten Muchin Zavis Roseman $ 5,134.10
10/03/03 36737 Levine & Block $ 78,051.49
10/03/03 36738 Metropolitan Life Insurance $ 5,885.92
10/03/03 36739 North Atlanta Realty $ 30,231.72
10/03/03 36740 Nextel Communications $ 440.70
10/03/03 36741 Kamran Saeed $ 225.00
10/03/03 36742 State Compensation Insurance Fund $ 211.53
10/03/03 36743 United Healthcare $ 6,748.87
10/03/03 36744 Winstead Sechrest & Minick $ 27,368.15
10/03/03 36745 Pacific Bell $ 121.14
10/03/03 36746 Keith Harrison $ 1,250.00
10/09/03 36747 Copier Solutions $ 495.00
10/09/03 36748 Debra Dawn $ 782.36
10/09/03 36749 Jenner & Block $ 61,531.34
10/09/03 36750 Katten Muchin Zavis Roseman $ 10,084.82
10/09/03 36751 Lanier Parking Systems $ 550.00
10/09/03 36752 MCI Worldcom $ 3,142.43
10/09/03 36753 Kamran Saeed $ 225.00
10/09/03 36754 Pacific Bell $ 493.33
10/16/03 36755 Alston & Bird LLC $ 104,034.79
10/16/03 36756 Debra Dawn $ 2,801.79
10/16/03 36757 Federal Express $ 204.97
10/16/03 36758 FTI Consulting $ 7,987.28
10/16/03 36759 Judco Management $ 8,625.00
10/16/03 36760 MCI Worldcom $ 75.79
10/16/03 36761 Nextel Communications $ 237.04
10/16/03 36762 Kamran Saeed $ 225.00
10/16/03 36763 San Diego Gas & Electric $ 120.54
10/16/03 36764 Thornton Grout Finnigan $ 2,767.94
10/16/03 36765 Mark Warner $ 5,000.00
10/16/03 36766 State Compensation Insurance Fund $ 1,266.83
10/24/03 36767 Vanguard Archives $ 666.13
OPERATING REPORT Page 7
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: October 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
10/24/03 36768 Armstrong Teasdale, LLP $ 7,000.37
10/24/03 36769 BellSouth $ 2,256.82
10/24/03 36770 Continental Stock Transfer & Trust Company $ 875.81
10/24/03 36771 Debra Dawn $ 2,730.52
10/24/03 36772 D.C. Treasurer $ 225.00
10/24/03 36773 Federal Express $ 502.89
10/24/03 36774 Gardner, Carton & Douglas $ 934.48
10/24/03 36775 Katten Muchin Zavis Roseman $ 14,750.74
10/24/03 36776 MCI Worldcom $ 3,354.25
10/24/03 36777 Merrill Lynch, Pierce, Fenner & Smith $ 5,560.00
10/24/03 36778 Philpot Relocation $ 540.65
10/24/03 36779 Kamran Saeed $ 225.00
10/24/03 36780 TLC Staffing $ 525.58
10/24/03 36781 Velocity Express $ 13.91
10/29/03 36782 Alston & Bird LLC $ 69,657.42
10/29/03 36783 BellSouth $ 417.08
10/29/03 36784 Debra Dawn $ 1,173.22
10/29/03 36785 Katherine Levesque $ 442.47
10/29/03 36786 MDC-Mark II $ 16,407.00
10/29/03 36787 Nextel Communications $ 639.90
10/29/03 36788 SBC-Pacbell $ 122.75
10/29/03 36789 Poorman-Douglas $ 1,616.48
10/29/03 36790 Kamran Saeed $ 225.00
10/29/03 36791 County of San Diego $ 244.26
10/29/03 36792 Winstead Sechrest & Minick $ 11,370.85
--------------
Total $ 517,203.90
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
10/03/03 36739 North Atlanta Realty $ 30,231.72
Facilicom
10/16/03 36759 Judco Management $ 8,625.00
10/24/03 36772 D.C. Treasurer $ 225.00
World Access Telecommunication Group, Inc.
10/03/03 36744 Winstead Sechrest & Minick $ 27,368.15
10/24/03 36767 Vanguard Archives $ 666.13
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: October 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
10/29/03 36792 Winstead Sechrest & Minick $ 11,370.85
--------------
Total Affiliate Payments $ 78,486.85
--------------
Total WAXS Disbursements $ 438,717.05
==============
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: October 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
10/08/03 Multiple Payroll Checks $ 41,799.22
10/22/03 Multiple Payroll Checks $ 41,355.50
--------------
Total WAXS Disbursements $ 83,154.72
==============
OPERATING REPORT Page 10
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: October 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
10/08/03 Payroll Taxes $ 15,985.75
10/22/03 Payroll Taxes $ 15,510.21
10/31/03 Processing Fees $ 1,197.05
---------------------
Total WAXS Disbursements $ 32,693.01
=====================
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, 2003
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
------------
Ending inventory $ -
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 114,804.62
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 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: October 31, 2003
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
----------------------------------------------------------
Beginning of month balance $ - $ 13,678,892.02 $ 13,678,892.02
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 95,660.64 $ 95,660.64
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
-----------------------------------------------------------
End of month balance $ - $ 13,774,552.66 $ 13,774,552.66
===========================================================
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 $ 2,031,097.96 $ 22,340,343.25 $ 24,371,441.21
Add: sales on account $ 884,006.94 $ - $ 884,006.94
Cash received on behalf of Affiliate $ - $ - $ -
Cash received from Affiliate $ - $ - $ -
Less: payments $ (554,748.72) $ - $ (554,748.72)
-----------------------------------------------------------------
End of month balance $ 2,360,356.18 $ 22,340,343.25 $ 24,700,699.43
=================================================================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 713,910.11 $ 32,662.32 $ 125,446.89 $ 1,488,336.86 $ 2,360,356.18
OPERATING REPORT Page 13
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: October 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 14
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
______________________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 15
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: November 30, 2003
BEGINNING BALANCE IN ALL ACCOUNTS $ 16,535,552.72
RECEIPTS:
1. Receipts from Operations $ -
2. Other Receipts $ 24,189.09
Preference Collections $ 298,180.00
Other receipts (Received on behalf of Affiliates) $ 5,625,325.69
------------------
TOTAL RECEIPTS $ 5,947,694.78
DISBURSEMENTS
3. Net Payroll
a. Officers $ 65,238.92
b. Others $ 76,644.83
4. Taxes
a. Federal Income Taxes $ 43,438.33
b. FICA Withholdings $ 3,395.17
c. Employee's withholdings $ -
d. Employer's FICA $ 3,395.16
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 11,070.44
g. State Employee withholdings $ -
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 10,532.41
c. Insurance $ 13,901.62
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 577,550.36
Employee Expenses $ 4,111.77
Office Supplies & Expenses $ 11,162.49
Other $ 8,942.70
------------------
TOTAL DISBURSEMENTS $ 829,384.20
Add: Disbursements made on behalf of Parent or Affiliates $ 90,829.61
------------------
ADJUSTED TOTAL DISBURSEMENTS $ 920,213.81
------------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 5,027,480.97
ENDING BALANCE IN Bank of America - Master 03751046297 $ 6,021,546.14
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ (359,060.22)
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 20,802.28
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 25,573.51
ENDING BALANCE IN Bank of America - Money Market 851018 $ 9,197,886.35
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,244,324.25
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,406,971.38
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
------------------
ENDING BALANCE IN ALL ACCOUNTS $ 21,563,033.69
==================
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: November 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
11/18/03 Liberty Mutual $ 10,016.00
11/18/03 Bill Nipper $ 55.00
11/18/03 Businessnet Telecom, Inc. $ 2,250.00
11/18/03 Businessnet Telecom, Inc. $ 2,250.00
11/18/03 CenturyTel, Inc. $ 10,000.00
11/18/03 Circulation III Promotions $ 7,705.60
11/18/03 Specialty Outsourcing Solutions, LTD $ 3,000.00
11/18/03 Vertecall Communications $ 1,370.91
11/18/03 Sullivan & Cromwell LLP $ 225,000.00
11/20/03 Microsoft Corporation $ 58,680.00
11/25/03 FCI-UK $ 5,613,249.18
------------------
Total WAXS Receipts $ 5,933,576.69
==================
Less: Receipts made to or on behalf of Affiliates.
Facilicom
11/25/03 FCI-UK $ 5,613,249.18
World Access Telecommunication Group, Inc.
11/18/03 Circulation III Promotions $ 7,705.60
11/18/03 Specialty Outsourcing Solutions, LTD $ 3,000.00
WorldxChange
11/18/03 Vertecall Communications $ 1,370.91
------------------
Total Affiliate Receipts $ 5,625,325.69
------------------
Total WAXS Receipts $ 308,251.00
==================
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: November 30, 2003
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
11/13/03 Interest Received $ 820.25
------------------
Total WAXS Receipts $ 820.25
==================
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: November 30, 2003
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
11/28/03 Interest Received $ 9,614.85
------------------
Total WAXS Receipts $ 9,614.85
==================
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: November 30, 2003
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
11/28/03 Interest Received $ 3,682.99
------------------
Total WAXS Receipts $ 3,682.99
==================
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: November 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
11/03/03 EZ-Com Technologies $ 13,000.00
11/04/03 Bank Fees $ 30.00
11/14/03 Gleiss Lutz Rechtsanwalte $ 11,666.89
11/25/03 Bank Fees - FCI Cancelled Check Copies $ 1,178.39
11/25/03 Bank Fees - WXC Cancelled Check Copies $ 2,622.87
-----------
Total WAXS Disbursements $ 28,498.15
===========
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
11/03/03 EZ-Com Technologies $ 13,000.00
11/25/03 Bank Fees - FCI Cancelled Check Copies $ 1,178.39
WorldxChange
11/25/03 Bank Fees - WXC Cancelled Check Copies $ 2,622.87
-----------
Total Affiliate Payments $ 16,801.26
-----------
Total WAXS Disbursements $ 11,696.89
===========
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: November 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
11/01/03 36793 Apollo Consulting $ 2,000.00
11/01/03 36794 North Atlanta Realty Acquisition $ 30,231.72
11/07/03 36796 Debra Dawn $ 605.66
11/07/03 36797 Federal Express $ 210.71
11/07/03 36798 Lanier Parking Systems $ 550.00
11/07/03 36799 MCI Worldcom $ 967.09
11/07/03 36800 Metlife $ 5,885.92
11/07/03 36801 Mike Mies $ 1,189.81
11/07/03 36802 SBC-Pacbell $ 96.03
11/07/03 36803 Royal Cup Coffee $ 235.68
11/07/03 36804 Kamran Saeed $ 225.00
11/07/03 36805 TLC Staffing $ 955.60
11/07/03 36806 United Healthcare $ 6,748.87
11/13/03 36807 Cadwalader, Wickersham & Taft $ 38,274.75
11/13/03 36808 Tod Chmar $ 209.28
11/13/03 36809 Virginia Cook $ 335.35
11/13/03 36810 Ernst & Young LLP $ 18,784.37
11/13/03 36811 Federal Express $ 184.08
11/13/03 36812 Judco Management $ 8,625.00
11/13/03 36813 Levine & Block $ 98,716.56
11/13/03 36814 MCI Worldcom $ 2,275.38
11/13/03 36815 MCI Worldcom $ 70.62
11/13/03 36816 Nextel Communications $ 221.31
11/13/03 36817 SBC-Pacbell $ 396.77
11/13/03 36818 Kamran Saeed $ 270.00
11/13/03 36819 Mark Warner $ 5,000.00
11/13/03 36820 Winstead Sechrest & Minick $ 7,904.79
11/21/03 36821 Vanguard Archives $ 666.13
11/21/03 36822 CLS Security Electronics $ 77.85
11/21/03 36823 Continental Stock Transfer & Trust Company $ 917.47
11/21/03 36824 CT Corporation $ 122.49
11/21/03 36825 Debra Dawn $ 733.67
11/21/03 36826 Federal Express $ 511.32
11/21/03 36827 Jenner & Block $ 50,082.59
11/21/03 36828 Lamberth, Cifelli, Stokes & Stout $ 4,025.81
11/21/03 36829 McKenna Long & Aldridge $ 63,015.54
11/21/03 36830 Kamran Saeed $ 225.00
11/21/03 36831 San Diego Gas & Electric $ 323.90
11/21/03 36832 State Compensation Insurance Fund $ 1,266.83
11/21/03 36833 Verizon Select Services $ 536.25
11/21/03 36834 Winstead Sechrest & Minick $ 15,890.93
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: November 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
11/28/03 36835 Alston & Bird LLC $ 102,247.52
11/28/03 36836 BellSouth $ 187.66
11/28/03 36837 BellSouth $ 2,212.45
11/28/03 36838 Copier Solutions $ 495.00
11/28/03 36839 Debra Dawn $ 1,038.00
11/28/03 36840 Federal Express $ 88.26
11/28/03 36841 H. Peter Gant $ 6,150.85
11/28/03 36842 Gardner, Carton & Douglas $ 8,295.08
11/28/03 36843 Jenner & Block $ 64,501.92
11/28/03 36844 Jenner & Block $ 92,527.95
11/28/03 36845 Katten Muchin Zavis Roseman $ 17,411.38
11/28/03 36846 MCI Worldcom $ 3,354.25
11/28/03 36847 Nextel Communications $ 306.01
11/28/03 36848 SBC-Pacbell $ 120.94
11/28/03 36849 Philpot Relocation $ 540.65
11/28/03 36850 Kamran Saeed $ 250.00
11/28/03 36851 U.S. Trustee $ 750.00
11/28/03 36852 U.S. Trustee $ 500.00
11/28/03 36853 U.S. Trustee $ 500.00
11/28/03 36854 U.S. Trustee $ 8,000.00
11/28/03 36855 Winstead Sechrest & Minick $ 8,959.78
------------
Total $ 688,003.83
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
11/01/03 36794 North Atlanta Realty Acquisition $ 30,231.72
11/28/03 36851 U.S. Trustee $ 750.00
Facilicom
11/13/03 36812 Judco Management $ 8,625.00
11/28/03 36852 U.S. Trustee $ 500.00
World Access Telecommunication Group, Inc.
11/13/03 36820 Winstead Sechrest & Minick $ 7,904.79
11/21/03 36821 Vanguard Archives $ 666.13
11/21/03 36834 Winstead Sechrest & Minick $ 15,890.93
11/28/03 36853 U.S. Trustee $ 500.00
11/28/03 36855 Winstead Sechrest & Minick $ 8,959.78
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: November 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
Total Affiliate Payments $ 74,028.35
------------
Total WAXS Disbursements $ 613,975.48
============
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: November 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
11/05/03 Multiple Payroll Checks $ 41,870.35
11/19/03 Multiple Payroll Checks $ 100,013.40
------------
Total WAXS Disbursements $ 141,883.75
============
OPERATING REPORT Page 10
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: November 30, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- -----------
11/05/03 Payroll Taxes $ 15,763.15
11/19/03 Payroll Taxes $ 45,535.95
11/28/03 Processing Fees $ 528.98
-----------
Total WAXS Disbursements $ 61,828.08
===========
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: November 30, 2003
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
-----------------
Ending inventory $ -
=================
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 203,182.85
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 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: November 30, 2003
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
-------------- -------------- --------------
ACCOUNTS RECEIVABLE
Beginning of month balance $ - $13,774,552.66 $13,774,552.66
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 90,829.61 $ 90,829.61
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
-------------- -------------- --------------
End of month balance $ - $13,865,382.27 $13,865,382.27
============== ============== ==============
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 $ 2,360,356.18 $22,340,343.25 $24,700,699.43
Add: sales on account $ 420,072.93 $ - $ 420,072.93
Cash received on behalf of Affiliate $ - $ 5,625,325.69 $ 5,625,325.69
Cash received from Affiliate $ - $ - $ -
Less: payments $ (829,384.20) $ - $ (829,384.20)
-------------- -------------- --------------
End of month balance $ 1,951,044.91 $27,965,668.94 $29,916,713.85
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$173,008.97 $ 224,117.82 $32,662.32 $ 1,521,255.80 $ 1,951,044.91
OPERATING REPORT Page 13
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: November 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 14
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
______________________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 15
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: December 31, 2003
BEGINNING BALANCE IN ALL ACCOUNTS $ 21,563,033.69
RECEIPTS:
1. Receipts from Operations $ -
2. Other Receipts $ 20,198.16
Preference Action Collections $ 76,482.00
Other receipts (Received on behalf of Affiliates) $ -
----------------
TOTAL RECEIPTS $ 96,680.16
DISBURSEMENTS
3. Net Payroll
a. Officers $ 61,204.82
b. Others $ 61,179.30
4. Taxes
a. Federal Income Taxes $ 34,222.47
b. FICA Withholdings $ 3,186.75
c. Employee's withholdings $ 384.85
d. Employer's FICA $ 3,186.76
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 8,442.70
g. State Employee withholdings $ -
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 5,169.12
c. Insurance $ 31,516.41
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 300,914.83
Employee Expenses $ 8,354.64
Office Supplies & Expenses $ 15,295.21
Other $ 7,350.00
----------------
TOTAL DISBURSEMENTS $ 540,407.86
Add: Disbursements made on behalf of Parent or Affiliates $ 79,877.74
----------------
ADJUSTED TOTAL DISBURSEMENTS $ 620,285.60
----------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (523,605.44)
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group $ (10,705.60)
NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C $ (5,613,249.18)
NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange $ (1,370.91)
----------------
NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD $ (5,625,325.69)
----------------
ENDING BALANCE IN Bank of America - Master 03751046297 $ 159,287.60
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 356,026.81
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 73,418.16
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 50,999.85
ENDING BALANCE IN Bank of America - Money Market 851018 $ 8,113,298.38
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,248,234.93
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,407,846.83
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
----------------
ENDING BALANCE IN ALL ACCOUNTS $ 15,414,102.56
================
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: December 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------------
12/05/03 American Public Communications Council $ 15,808.00
12/05/03 Columbia-Quantum $ 2,500.00
12/05/03 Valor Telecommunications LLC $ 5,525.00
12/05/03 TeleDirect Telecommunication Group LLC $ 15,000.00
12/05/03 The CIT Group Inc $ 2,000.00
12/05/03 TMR, Inc $ 10,000.00
12/05/03 Opus Real Estate I, LP $ 15,649.00
12/05/03 Taurus Publishing, Inc $ 10,000.00
------------
Total WAXS Receipts $ 76,482.00
============
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: December 31, 2003
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- -------------
12/15/03 Interest Received $ 875.45
-------------
Total WAXS Receipts $ 875.45
=============
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: December 31, 2003
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- -------------
12/31/03 Interest Received $ 15,412.03
-------------
Total WAXS Receipts $ 15,412.03
=============
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: December 31, 2003
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- -------------
12/31/03 Interest Received $ 3,910.68
-------------
Total WAXS Receipts $ 3,910.68
=============
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: December 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- --------------
12/01/03 Merrill Lynch $ 153.94
12/01/03 WorldxChange - Xfer Nov. Collections $ 1,370.91
12/01/03 CommNet - Xfer Nov. Collections $ 10,705.60
12/01/03 EZ-Com Technologies $ 13,000.00
12/01/03 FCI - Xfer Nov. FC-UK Distribution $ 5,613,249.18
12/03/03 Bank Fees $ 30.00
12/30/03 Merrill Lynch $ 230.91
--------------
Total WAXS Disbursements $ 5,638,740.54
==============
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
12/01/03 EZ-Com Technologies $ 13,000.00
12/01/03 FCI - Xfer Nov. FC-UK Distribution $ 5,613,249.18
World Access Telecommunication Group, Inc.
12/01/03 CommNet - Xfer Nov. Collections $ 10,705.60
WorldxChange
12/01/03 WorldxChange - Xfer Nov. Collections $ 1,370.91
--------------
Total Affiliate Payments $ 5,638,325.69
--------------
Total WAXS Disbursements $ 414.85
==============
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: December 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- -----------
12/01/03 Void ck#36528 Winstead Sechrest & Minick $ (4,680.88)
12/01/03 36856 Apollo Consulting $ 2,000.00
12/01/03 36857 North Atlanta Realty Acquisition $ 31,356.72
12/05/03 36858 Atlanta Journal-Consitution $ 155.24
12/05/03 36859 Debra Dawn $ 882.64
12/05/03 36860 Federal Express $ 78.79
12/05/03 36861 Lanier Parking $ 550.00
12/05/03 36862 MCI Worldcom $ 2,876.73
12/05/03 36863 Metlife $ 5,885.92
12/05/03 36864 SBC-Pacbell $ 96.03
12/05/03 36865 Poorman-Douglas $ 1,972.76
12/05/03 36866 Royal Cup Coffee $ 130.91
12/05/03 36867 Kamran Saeed $ 700.00
12/05/03 36868 United Healthcare $ 6,748.87
12/05/03 36869 Winstead Sechrest & Minick $ 3,582.88
12/12/03 36870 Debra Dawn $ 753.57
12/12/03 36871 Ernst & Young LLP $ 28,623.40
12/12/03 36872 Federal Express $ 233.38
12/12/03 36873 H. Peter Gant $ 1,027.65
12/12/03 36874 HSBC Bank USA $ 5,250.00
12/12/03 36875 Judco Management $ 8,625.00
12/12/03 36876 MCI Worldcom $ 80.66
12/12/03 36877 Nextel Communications $ 221.43
12/12/03 36878 SBC-Pacbell $ 403.24
12/12/03 36879 Kamran Saeed $ 250.00
12/12/03 36880 Velocity Express $ 6.79
12/17/03 36881 Copier Solutions $ 495.00
12/17/03 36882 J. Smith Lanier $ 4,980.00
12/17/03 36883 Katherine Levesque $ 150.00
12/17/03 36884 Levine & Block $156,007.10
12/17/03 36885 Osborne-Clarke $ 1,608.44
12/17/03 36886 Kamran Saeed $ 250.00
12/17/03 36887 San Diego Gas & Electric $ 292.91
12/17/03 36888 State Compensation Insurance Fund $ 1,266.83
12/17/03 36889 Mark Warner $ 5,000.00
12/19/03 36890 H. Peter Gant $ 1,724.84
12/19/03 36891 Winstead Sechrest & Minick $ 5,372.76
12/23/03 36892 Vanguard Archives $ 666.13
12/23/03 36893 Armstrong Teasdale $ 1,817.20
12/23/03 36894 Federal Express $ 199.17
12/23/03 36895 Latham & Watkins Schon Nolte $ 3,350.48
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: December 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- -----------
12/23/03 36896 Sean Moore $ 650.00
12/23/03 36897 Nextel Communications $ 592.30
12/23/03 36898 Philpot Relocation $ 1,772.29
12/23/03 36899 Kamran Saeed $ 250.00
12/23/03 36900 Carl Sonne $ 2,400.42
12/23/03 36901 Winstead Sechrest & Minick $ 20,774.25
12/29/03 36902 Apollo Consulting $ 2,000.00
12/29/03 36903 Bellsouth $ 484.87
12/29/03 36904 Continental Stock Transfer & Trust $ 869.79
12/29/03 36905 Debra Dawn $ 1,415.52
12/29/03 36906 Federal Express $ 275.92
12/29/03 36907 FTI Consulting $ 15,275.78
12/29/03 36908 Jenner & Block $ 38,033.55
12/29/03 36909 Jenner & Block $ 45,821.41
12/29/03 36910 FTI Consulting $ 1,975.70
12/29/03 36911 Katten Muchin Zavis Roseman $ 4,448.45
12/29/03 36912 Lanier Parking $ 550.00
12/29/03 36913 Metlife $ 5,885.92
12/29/03 36914 SBC-Pacbell $ 120.95
12/29/03 36915 Poorman-Douglas $ 1,980.56
12/29/03 36916 Royal Cup Coffee $ 162.95
12/29/03 36917 Kamran Saeed $ 250.00
12/29/03 36918 United Healthcare $ 6,748.87
12/29/03 36919 Winstead Sechrest & Minick $ 1,180.88
-----------
Total $434,912.97
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
12/01/03 36857 North Atlanta Realty Acquisition $ 31,356.72
Facilicom
12/12/03 36875 Judco Management $ 8,625.00
World Access Telecommunication Group, Inc.
12/01/03 Void ck#36528 Winstead Sechrest & Minick $ (4,680.88)
12/05/03 36869 Winstead Sechrest & Minick $ 3,582.88
12/19/03 36891 Winstead Sechrest & Minick $ 5,372.76
12/23/03 36892 Vanguard Archives $ 666.13
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: December 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- -----------
12/23/03 36901 Winstead Sechrest & Minick $ 20,774.25
12/29/03 36919 Winstead Sechrest & Minick $ 1,180.88
-----------
Total Affiliate Payments $ 66,877.74
-----------
Total WAXS Disbursements $368,035.23
===========
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: December 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- -----------
12/03/03 Multiple Payroll Checks $ 41,322.64
12/17/03 Multiple Payroll Checks $ 40,806.86
12/30/03 Multiple Payroll Checks $ 40,254.62
-----------
Total WAXS Disbursements $122,384.12
===========
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
DISBURSEMENT LISTING
For the Month Ending: December 31, 2003
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- -----------
12/03/03 Payroll Taxes $ 15,543.07
12/17/03 Payroll Taxes $ 16,884.52
12/30/03 Payroll Taxes $ 16,611.09
12/25/03 Processing Fees $ 534.98
-----------
Total WAXS Disbursements $ 49,573.66
===========
OPERATING REPORT Page 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: December 31, 2003
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
--------------
Ending inventory $ -
==============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 171,807.65
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 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: December 31, 2003
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
-------------- -------------- --------------
Beginning of month balance $ - $13,865,382.27 $13,865,382.27
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 79,877.74 $ 79,877.74
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
-------------- -------------- --------------
End of month balance $ - $13,945,260.01 $13,945,260.01
============== ============== ==============
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 $ 1,951,044.91 $27,965,668.94 $29,916,713.85
Add: sales on account $ 317,348.40 $ - $ 317,348.40
Cash received on behalf of Affiliate $ - $ - $ -
Cash received from Affiliate $ - $ - $ -
Less: payments $ (540,407.86) $(5,625,325.69) $(6,165,733.55)
-------------- -------------- --------------
End of month balance $ 1,727,985.45 $22,340,343.25 $24,068,328.70
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$97,443.13 $ 34,446.83 $ 89,974.48 $ 1,506,121.01 $ 1,727,985.45
OPERATING REPORT Page 13
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: December 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 14
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
___________________________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 15
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: January 31, 2004
BEGINNING BALANCE IN ALL ACCOUNTS $ 15,414,102.56
RECEIPTS:
1. Receipts from Operations $ -
2. Other Receipts $ 22,646.45
Preference Action Collections $ 29,827.18
Other receipts (Received on behalf of Affiliates) $ -
----------------
TOTAL RECEIPTS $ 52,473.63
DISBURSEMENTS
3. Net Payroll
a. Officers $ 58,974.27
b. Others $ 72,647.84
4. Taxes
a. Federal Income Taxes $ 41,497.59
b. FICA Withholdings $ 15,294.02
c. Employee's withholdings $ 974.33
d. Employer's FICA $ 15,294.01
e. Federal Unemployment Taxes $ 568.00
f. State Income Tax $ 10,533.59
g. State Employee withholdings $ -
h. All other state taxes $ 2,421.00
5. Necessary Expenses
a. Rent or mortgage payment(s) $ 16,407.00
b. Utilities $ 7,174.74
c. Insurance $ 2,849.37
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 93,799.14
Employee Expenses $ 4,049.00
Office Supplies & Expenses $ 2,463.97
Other $ 8,125.02
----------------
TOTAL DISBURSEMENTS $ 353,072.89
Add: Disbursements made on behalf of Parent or Affiliates $ 31,965.73
----------------
ADJUSTED TOTAL DISBURSEMENTS $ 385,038.62
----------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (332,564.99)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 89,692.97
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 453,142.86
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 91,796.05
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 63,651.23
ENDING BALANCE IN Bank of America - Money Market 851018 $ 7,717,682.60
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,251,890.32
ENDING BALANCE IN Bank of America - Restricted Cash $ 1,408,691.54
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
----------------
ENDING BALANCE IN ALL ACCOUNTS $ 15,081,537.57
================
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: January 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- -----------
01/05/04 Bill Nipper $ 55.00
01/05/04 Premier Financial Corporation $ 7,149.00
01/05/04 Liberty Mutual $ 690.00
01/05/04 Thornton Grout Finnigan $ 162.13
01/05/04 ARK CLO Ltd $ 5,000.00
01/05/04 Manchester Technologies $ 7,166.00
01/05/04 Edwin Schklar $ 12,800.00
01/15/04 KDDI America, Inc. $ 3,374.18
01/15/04 Bill Nipper $ 55.00
01/15/04 Telcordia Technologies $ 7,138.00
-----------
Total WAXS Receipts $ 43,589.31
===========
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: January 31, 2004
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ---------
01/14/04 Interest Received $ 844.71
---------
Total WAXS Receipts $ 844.71
=========
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: January 31, 2004
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ---------
01/30/04 Interest Received $4,384.22
---------
Total WAXS Receipts $4,384.22
=========
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: January 31, 2004
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ---------
01/30/04 Interest Received $3,655.39
---------
Total WAXS Receipts $3,655.39
=========
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: January 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
01/02/04 EZ-Com Technologies $ 13,000.00
01/05/04 Bank Fees $ 30.00
01/30/04 Merrill Lynch $ 153.94
-----------
Total WAXS Disbursements $ 13,183.94
===========
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
01/02/04 EZ-Com Technologies $ 13,000.00
-----------
Total Affiliate Payments $ 13,000.00
-----------
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: January 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
01/02/04 Void 36918 United Healthcare $ (6,748.87)
01/02/04 36920 N. Atlanta Realty Acquisition $ 9,674.60
01/09/04 36921 AT&T $ 38.31
01/09/04 36922 Fedex $ 718.23
01/09/04 36923 MCI Worldcom $ 74.53
01/09/04 36924 Kamran Saeed $ 500.00
01/09/04 36925 San Diego Gas & Electric $ 278.00
01/15/04 36926 BellSouth $ 1,545.78
01/15/04 36927 Copier Solutions $ 495.00
01/15/04 36928 Debra Dawn $ 1,475.72
01/15/04 36929 Fedex $ 151.34
01/15/04 36930 H. Peter Gant $ 204.06
01/15/04 36931 Gardner, Carton & Douglas $ 1,630.94
01/15/04 36932 Judco Management, Inc. $ 8,625.00
01/15/04 36933 Katten Muchin Zavis Roseman $ 8,278.73
01/15/04 36934 Martin B. Kopf $ 262.50
01/15/04 36935 Katherine Levesque $ 372.48
01/15/04 36936 Nextel Communications $ 231.97
01/15/04 36937 SBC-Pacbell $ 496.70
01/15/04 36938 Kamran Saeed $ 500.00
01/15/04 36939 San Diego Police Department $ 95.00
01/15/04 36940 State Compensation Insurance Fund $ 349.00
01/15/04 36941 Verizon Select Services $ 162.50
01/15/04 36942 Mark Warner $ 5,000.00
01/21/04 36943 Vanguard Archives $ 666.13
01/21/04 36944 Armstrong Teasdale, LLP $ 2,962.08
01/21/04 36945 CT Corporation System $ 280.00
01/21/04 36946 Debra Dawn $ 1,052.62
01/21/04 36947 Fedex $ 118.96
01/21/04 36948 Katten Muchin Zavis Roseman $ 9,644.59
01/21/04 36949 MCI Worldcom $ 2,278.17
01/21/04 36950 MCI Worldcom $ 1,422.14
01/21/04 36951 Kamran Saeed $ 250.00
01/29/04 36952 State Compensation Insurance Fund $ 1,266.83
01/29/04 36953 MDC-Mark II $ 16,407.00
01/29/04 36954 BellSouth $ 452.60
01/29/04 36955 Debra Dawn $ 944.12
01/29/04 36956 Fact Finders Group $ 4,940.67
01/29/04 36957 Lamberth, Cifelli, Stokes & Stout, P.A. $ 4,936.23
01/29/04 36959 McKenna Long & Aldridge $ 61,405.90
01/29/04 36960 Nextel Communications $ 356.54
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: January 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
01/29/04 36961 Philpot Relocation $ 794.51
01/29/04 36962 Royal Cup Coffee $ 60.93
01/29/04 36963 Kamran Saeed $ 250.00
01/29/04 36964 United Healthcare $ 7,982.41
------------
Total $ 152,883.95
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
01/02/04 36920 N. Atlanta Realty Acquisition $ 9,674.60
Facilicom
01/15/04 36932 Judco Management, Inc. $ 8,625.00
World Access Telecommunication Group, Inc.
01/21/04 36943 Vanguard Archives $ 666.13
------------
Total Affiliate Payments $ 18,965.73
------------
Total WAXS Disbursements $ 133,918.22
============
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: January 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
01/13/04 Multiple Payroll Checks $ 38,736.08
01/27/04 Multiple Payroll Checks $ 92,886.03
------------
Total WAXS Disbursements $ 131,622.11
============
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: January 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
01/13/04 Payroll Taxes $ 24,008.35
01/27/04 Payroll Taxes $ 62,420.25
01/30/04 Processing Fees $ 920.02
------------
Total WAXS Disbursements $ 87,348.62
============
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, 2004
STATEMENT OF INVENTORY
Beginning Inventory $ --
Add: purchases $ --
Less: goods sold $ --
-----------
Ending inventory $ --
===========
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $218,204.65
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 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: January 31, 2004
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
--------- -------------- --------------
ACCOUNTS RECEIVABLE
Beginning of month balance $ - $13,945,260.01 $13,945,260.01
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 31,965.73 $ 31,965.73
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
---- -------------- --------------
End of month balance $ - $13,977,225.74 $13,977,225.74
==== ============== ==============
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 $ 1,727,985.45 $22,340,343.25 $24,068,328.70
Add: sales on account $ 748,516.65 $ - $ 748,516.65
Cash received on behalf of Affiliate $ - $ - $ -
Cash received from Affiliate $ - $ - $ -
Less: payments $ (353,072.89) $ - $ (353,072.89)
-------------- -------------- --------------
End of month balance $ 2,123,429.21 $22,340,343.25 $24,463,772.46
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 493,688.21 $ 74,298.68 $ 34,446.83 $ 1,520,995.49 $ 2,123,429.21
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: January 31, 2004
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
IN THE UNITED STATES BANKRUPTCY COURT
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: February 29, 2004
BEGINNING BALANCE IN ALL ACCOUNTS $15,081,537.57
RECEIPTS:
1. Receipts from Operations $ --
2. Other Receipts $ 12,181.66
Preference Action Collections $ 16,046.31
Other receipts (Received on behalf of Affiliates) $ 160,546.08
--------------
TOTAL RECEIPTS $ 188,774.05
DISBURSEMENTS
3. Net Payroll
a. Officers $ 37,056.30
b. Others $ 40,105.01
4. Taxes
a. Federal Income Taxes $ 20,898.45
b. FICA Withholdings $ 8,610.49
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 8,610.49
e. Federal Unemployment Taxes $ 40.00
f. State Income Tax $ 5,337.56
g. State Employee withholdings $ 393.79
h. All other state taxes $ 111.00
5. Necessary Expenses
a. Rent or mortgage payment(s) $ --
b. Utilities $ 7,343.09
c. Insurance $ 16,109.05
d. Merchandise bought for manufacture or sell $ --
e. Other necessary expenses --
Professional and Bankruptcy Court Related Fees and Expenses $ 389,439.04
Employee Expenses $ 7,635.85
Office Supplies & Expenses $ 4,869.55
Other $ 39,248.83
--------------
TOTAL DISBURSEMENTS $ 585,962.44
Add: Disbursements made on behalf of Parent or Affiliates $ 51,204.09
--------------
ADJUSTED TOTAL DISBURSEMENTS $ 637,166.53
--------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (448,392.48)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 253,561.42
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 156,559.76
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 89,634.74
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 69,135.79
ENDING BALANCE IN Bank of America - Money Market 851018 $ 8,803,954.57
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,255,308.81
ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00
--------------
ENDING BALANCE IN ALL ACCOUNTS $14,633,145.09
==============
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: February 29, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
02/26/04 Greg Somers $ 5,000.00
02/26/04 Emerson Communications $ 11,682.44
02/26/04 Apollo Consulting LLC $ 8,546.31
02/26/04 Jones Boys Sales Promotion Co. $ 2,000.00
02/26/04 Borland $ 7,500.00
02/26/04 B. Bruce Johnson $ 2,500.00
02/26/04 Specialty Outsourcing Solutions Ltd. $ 3,000.00
02/26/04 Apto Solutions $ 405.00
02/26/04 Arc Phone Canada $ 68,181.82
02/26/04 Arc Phone Canada $ 68,181.82
02/26/04 Bill Nipper $ 55.00
-----------
Total WAXS Receipts $177,052.39
===========
Less: Receipts made to or on behalf of Affiliates.
Facilicom
02/26/04 Emerson Communications $ 11,682.44
02/26/04 Arc Phone Canada $ 68,181.82
02/26/04 Arc Phone Canada $ 68,181.82
World Access Telecommunication Group, Inc.
02/26/04 Greg Somers $ 5,000.00
02/26/04 Jones Boys Sales Promotion Co. $ 2,000.00
02/26/04 B. Bruce Johnson $ 2,500.00
02/26/04 Specialty Outsourcing Solutions Ltd. $ 3,000.00
-----------
Total Affiliate Receipts $160,546.08
-----------
Total WAXS Receipts $ 16,506.31
===========
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: February 29, 2004
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
02/27/04 Interest Received $ 7,207.34
-----------
Total WAXS Receipts $ 7,207.34
===========
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: February 29, 2004
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
02/13/04 Interest Income $ 821.74
02/20/04 Interest Income $ 137.04
02/27/04 Interest Income $ 137.05
-----------
Total WAXS Receipts $ 1,095.83
===========
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: February 29, 2004
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
02/27/04 Interest Received $ 3,418.49
-----------
Total WAXS Receipts $ 3,418.49
===========
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: February 29, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
02/02/04 EZ-Com Technologies $ 13,000.00
02/03/04 Bank Fees $ 30.00
02/25/04 Merrill Lynch $ 153.94
-----------
Total WAXS Disbursements $ 13,183.94
===========
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
02/02/04 EZ-Com Technologies $ 13,000.00
-----------
Total Affiliate Payments $ 13,000.00
-----------
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: February 29, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
02/10/04 Multiple Payroll Checks $ 38,642.74
02/24/04 Multiple Payroll Checks $ 38,518.57
-----------
Total WAXS Disbursements $ 77,161.31
===========
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: February 29, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
02/01/04 36965 Apollo Consulting $ 2,000.00
02/01/04 36966 North Atlanta Realty Acquisition $ 8,828.74
02/06/04 36967 AT&T $ 10.19
02/06/04 36968 Continental Stock Transfer & Trust Co. $ 671.88
02/06/04 36969 Debra Dawn $ 1,115.86
02/06/04 36970 Federal Express $ 378.89
02/06/04 36971 FTI Consulting $ 19,612.00
02/06/04 36972 Gardner, Carton & Douglas $ 1,531.56
02/06/04 36973 Jenner & Block $ 30,800.14
02/06/04 36975 Lanier Parking System $ 550.00
02/06/04 36976 McKenna Long & Aldridge $ 18,603.39
02/06/04 36977 Metropolitan Life Insurance Co. $ 6,281.74
02/06/04 36978 SBC-Pacbell $ 216.08
02/06/04 36979 Kamran Saeed $ 250.00
02/06/04 36980 United Healthcare $ 7,982.41
02/06/04 36981 Winstead Sechrest & Minick $ 11,790.16
02/06/04 36982 Judco Management $ 1,200.00
02/06/04 36983 Continental Stock Transfer & Trust Co. $ 200.00
02/13/04 36984 BellSouth $ 1,985.44
02/13/04 36985 Virginia Cook $ 240.13
02/13/04 36986 Debra Dawn $ 930.90
02/13/04 36987 Federal Express $ 21.90
02/13/04 36988 Katherine Levesque $ 574.06
02/13/04 36989 MCI Worldcom $ 2,474.60
02/13/04 36990 MCI Worldcom $ 53.33
02/13/04 36991 SBC-Pacbell $ 393.05
02/13/04 36992 Kamran Saeed $ 250.00
02/13/04 36993 San Diego Gas & Electric $ 280.98
02/13/04 36994 Mark Warner $ 5,000.00
02/20/04 36995 Vanguard Archives $ 666.13
02/20/04 36996 Armstrong Teasdale LLP $ 739.12
02/20/04 36997 Continental Stock Transfer & Trust Co. $ 1,110.55
02/20/04 36998 Dan Martin Flowers $ 63.08
02/20/04 36999 Debra Dawn $ 2,106.45
02/20/04 37000 Ernst & Young LLP $ 4,737.16
02/20/04 37001 Federal Express $ 548.90
02/20/04 37002 FTI Consulting $ 9,554.40
02/20/04 37003 H. Peter Gant $ 1,379.81
02/20/04 37004 Judco Management $ 8,625.00
02/20/04 37005 Katten Muchin Zavis Roseman $ 12,480.72
02/20/04 37006 Katherine Levesque $ 189.19
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: February 29, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
02/20/04 37007 Levine & Block $ 72,458.73
02/20/04 37008 Nextel Communications $ 230.81
02/20/04 37009 Philpot Relocation $ 918.34
02/20/04 37010 Kamran Saeed $ 250.00
02/20/04 37011 Carl Sonne $ 1,099.45
02/20/04 37012 State Compensation Insurance Fund $ 1,844.90
02/20/04 37013 Velocity Express $ 12.36
02/20/04 37014 Winstead Sechrest & Minick $ 7,094.06
02/27/04 37015 Alston & Bird LLP $ 123,642.34
02/27/04 37016 BellSouth $ 1,698.61
02/27/04 37017 Federal Express $ 254.22
02/27/04 37018 Levine & Block $ 86,553.00
02/27/04 37019 Nowalsky, Bronston & Gothard $ 8,726.48
02/27/04 37020 Royal Cup Coffee $ 121.86
02/27/04 37021 Kamran Saeed $ 250.00
--------------
Total $ 471,583.10
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
02/01/04 36966 North Atlanta Realty Acquisition $ 8,828.74
Facilicom
02/06/04 36982 Judco Management $ 1,200.00
02/20/04 37004 Judco Management $ 8,625.00
World Access Telecommunication Group, Inc.
02/06/04 36981 Winstead Sechrest & Minick $ 11,790.16
02/20/04 36995 Vanguard Archives $ 666.13
02/20/04 37014 Winstead Sechrest & Minick $ 7,094.06
--------------
Total Affiliate Payments $ 38,204.09
--------------
Total WAXS Disbursements $ 433,379.01
==============
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: February 29, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
02/10/04 Payroll Taxes $ 22,424.31
02/24/04 Payroll Taxes $ 21,577.47
02/26/04 Processing Fees $ 513.66
-----------
Total WAXS Disbursements $ 44,515.44
===========
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
RECEIPTS LISTING
For the Month Ending: February 29, 2004
Bank: Bank of America
Location: Charlotte, NC
Account Name: Restricted Cash
Account Number: 856719
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
02/27/04 Line of Credit Fees $ 30,722.74
-----------
Total WAXS Receipts $ 30,722.74
===========
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: February 29, 2004
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
------------
Ending inventory $ -
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 121,317.03
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 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: February 29, 2004
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
-------- -------------- --------------
ACCOUNTS RECEIVABLE
Beginning of month balance $ - $13,977,225.74 $13,977,225.74
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 51,204.09 $ 51,204.09
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
-------- -------------- --------------
End of month balance $ - $14,028,429.83 $14,028,429.83
======== ============== ==============
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 $ 2,123,429.21 $22,340,343.25 $24,463,772.46
Add: sales on account $ 216,456.65 $ - $ 216,456.65
Cash received on behalf of Affiliate $ - $ 160,546.08 $ 160,546.08
Cash received from Affiliate $ - $ - $ -
Less: payments $ (585,962.44) $ - $ (585,962.44)
-------------- -------------- --------------
End of month balance $ 1,753,923.42 $22,500,889.33 $24,254,812.75
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 38,822.79 $ 85,359.63 $ 74,298.68 $ 1,555,442.32 $ 1,753,923.42
OPERATING REPORT Page 13
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: February 29, 2004
TAX QUESTIONNAIRE
Debtors in possession and trustees are required to pay all taxes incurred
after the filing of their Chapter 11 petition on an as due basis. Please
indicate whether the following post petition taxes or withholdings have been
paid currently.
1. Federal income taxes Yes (X) No ( )
2. FICA withholdings Yes (X) No ( )
3. Employee's withholdings Yes (X) No ( )
4. Employer's FICA Yes (X) No ( )
5. Federal unemployment taxes Yes (X) No ( )
6. State income tax Yes (X) No ( )
7. State employee withholdings Yes (X) No ( )
8. All other state taxes See Note Below
If any of the above have not been paid, state below the tax not paid, the
amounts past due and the date of the last payment.
Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.
OPERATING REPORT Page 14
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
____________________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 15
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: March 31, 2004
BEGINNING BALANCE IN ALL ACCOUNTS $ 14,633,145.09
RECEIPTS:
1. Receipts from Operations $ -
2. Other Receipts $ 10,312.34
Preference Action Collections $ 44,000.00
Other receipts (Received on behalf of Affiliates) $ 60,961.90
---------------
TOTAL RECEIPTS $ 115,274.24
DISBURSEMENTS
3. Net Payroll
a. Officers $ 59,270.15
b. Others $ 72,383.92
4. Taxes
a. Federal Income Taxes $ 41,258.46
b. FICA Withholdings $ 15,228.93
c. Employee's with holdings $ 153.94
d. Employer's FICA $ 15,228.95
e. Federal Unemployment Taxes $ 8.00
f. State Income Tax $ 11,032.03
g. State Employee withholdings $ 589.21
h. All other state taxes $ 2.50
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 6,399.85
c. Insurance $ 14,605.35
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 107,444.17
Employee Expenses $ 5,865.48
Office Supplies & Expenses $ 5,208.67
Other $ 7,705.64
---------------
TOTAL DISBURSEMENTS $ 362,385.25
Add: Disbursements made on behalf of Parent or Affiliates $ 54,069.77
---------------
ADJUSTED TOTAL DISBURSEMENTS $ 416,455.02
---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (301,180.78)
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group $ (12,500.00)
NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C. $ (148,046.08)
---------------
NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD $ (160,546.08)
---------------
ENDING BALANCE IN Bank of America - Master 03751046297 $ 240,928.04
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 269,780.21
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 47,980.67
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 44,998.33
ENDING BALANCE IN Bank of America - Money Market 851018 $ 8,308,397.78
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,259,333.20
---------------
ENDING BALANCE IN ALL ACCOUNTS $ 14,171,418.23
===============
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: March 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
03/24/04 CSCI, Inc. $ 17,000.00
03/24/04 Bill Nipper $ 55.00
03/24/04 U.S. Treasury $ 60,961.90
03/24/04 U.S. Treasury $ 1,789.74
03/24/04 CSCI, Inc. $ 17,000.00
03/24/04 Cohne, Rappaport & Segal $ 10,000.00
------------
Total WAXS Receipts $ 106,806.64
============
Less: Receipts made to or on behalf of Affiliates.
WA Telecom Products Co., Inc.
03/24/04 U.S. Treasury $ 60,961.90
------------
Total Affiliate Receipts $ 60,961.90
------------
Total WAXS Receipts $ 45,844.74
============
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: March 31, 2004
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
03/31/04 Interest Received $ 4,443.21
----------
Total WAXS Receipts $ 4,443.21
==========
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: March 31, 2004
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
03/31/04 Interest Received $ 4,024.39
----------
Total WAXS Receipts $ 4,024.39
==========
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: March 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
03/02/04 Greg Somers $ 5,000.00
03/02/04 Emerson Communications $ 11,682.44
03/02/04 Jones Boys Sales Promotion Co. $ 2,000.00
03/02/04 B. Bruce Johnson $ 2,500.00
03/02/04 Specialty Outsourcing Solutions Ltd. $ 3,000.00
03/02/04 Arc Phone Canada $ 68,181.82
03/02/04 Arc Phone Canada $ 68,181.82
03/02/04 EZ-Com Technologies $ 13,000.00
03/02/04 EZ-Com Technologies $ 685.00
03/04/04 Bank Fees $ 30.00
03/24/04 Merrill Lynch $ 153.94
------------
Total WAXS Disbursements $ 174,415.02
============
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
03/02/04 Emerson Communications $ 11,682.44
03/02/04 Arc Phone Canada $ 68,181.82
03/02/04 Arc Phone Canada $ 68,181.82
03/02/04 EZ-Com Technologies $ 13,000.00
03/02/04 EZ-Com Technologies $ 685.00
World Access Telecommunication Group, Inc.
03/02/04 Greg Somers $ 5,000.00
03/02/04 Jones Boys Sales Promotion Co. $ 2,000.00
03/02/04 B. Bruce Johnson $ 2,500.00
03/02/04 Specialty Outsourcing Solutions Ltd. $ 3,000.00
------------
Total Affiliate Payments $ 174,231.08
------------
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: March 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
03/10/04 Multiple Payroll Checks $ 38,858.70
03/24/04 Multiple Payroll Checks $ 92,795.37
------------
Total WAXS Disbursements $ 131,654.07
============
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: March 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
03/02/04 37022 Apollo Consulting $ 2,000.00
03/02/04 37023 Armstrong Teasdale LLP $ 1,659.50
03/02/04 37024 BellSouth $ 477.64
03/02/04 37025 CLS Security Electronics $ 77.85
03/02/04 37026 Copier Solutions $ 495.00
03/02/04 37027 Debra Dawn $ 957.85
03/02/04 37028 Federal Express $ 163.17
03/02/04 37029 Jenner & Block $ 34,217.23
03/02/04 37030 McKenna Long & Aldridge $ 18,815.61
03/02/04 37031 North Atlanta Realty Acquisition $ 9,251.67
03/02/04 37032 Nextel Communications $ 323.98
03/02/04 37033 SBC-Pacbell $ 120.94
03/02/04 37034 Kamran Saeed $ 250.00
03/02/04 37035 United Healthcare $ 7,254.69
03/02/04 37036 Velocity Express $ 29.36
03/02/04 37037 Winstead Sechrest & Minick $ 17,758.29
03/02/04 37038 Metropolitan Life Insurance $ 6,083.83
03/12/04 37039 Debra Dawn $ 808.93
03/12/04 37040 Ernst & Young, LLP $ 22,651.20
03/12/04 37041 Federal Express $ 239.79
03/12/04 37042 Gardner, Carton & Douglas $ 927.39
03/12/04 37043 Lanier Parking Systems $ 550.00
03/12/04 37044 MCI Worldcom $ 2,530.34
03/12/04 37045 MCI Worldcom $ 79.36
03/12/04 37046 SBC-Pacbell $ 95.03
03/12/04 37047 Poorman-Douglas Corp. $ 1,501.39
03/12/04 37048 Kamran Saeed $ 250.00
03/12/04 37049 State Compensation Insurance Fund $ 1,266.83
03/12/04 37050 U.S. Trustee $ 500.00
03/12/04 37051 U.S. Trustee $ 250.00
03/12/04 37052 U.S. Trustee $ 500.00
03/12/04 37053 U.S. Trustee $ 750.00
03/12/04 37054 U.S. Trustee $ 8,000.00
03/12/04 37055 Mark Warner $ 5,000.00
03/19/04 37056 Vanguard Archives, Inc. $ 666.13
03/19/04 37057 Alston & Bird LLC $ 2,557.53
03/19/04 37058 Debra Dawn $ 2,414.61
03/19/04 37059 Federal Express $ 205.20
03/19/04 37060 Nextel Communications $ 228.70
03/19/04 37061 Nowalsky, Bronston & Gothard $ 739.82
03/19/04 37062 SBC-Pacbell $ 297.28
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: March 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
03/19/04 37063 Kamran Saeed $ 250.00
03/19/04 37064 San Diego Gas & Electric $ 294.94
03/19/04 37065 Winstead Sechrest & Minick $ 2,083.68
03/26/04 37066 BellSouth $ 1,951.64
03/26/04 37067 Continental Stock Transfer & Trust $ 871.26
03/26/04 37068 Copier Solutions $ 495.00
03/26/04 37069 Debra Dawn $ 1,195.69
03/26/04 37070 Federal Express $ 191.29
03/26/04 37071 Judco Management $ 8,625.00
03/26/04 37072 Katten Muchin Zavis Roseman $ 9,633.85
03/26/04 37073 Katherine Levesque $ 488.40
03/26/04 37074 Osborne Clarke $ 6,740.65
03/26/04 37075 Philpot Relocation Systems $ 620.51
03/26/04 37076 Royal Cup Inc $ 141.50
03/26/04 37077 Kamran Saeed $ 250.00
------------
Total $ 186,779.55
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
03/02/04 37031 North Atlanta Realty Acquisition $ 9,251.67
03/12/04 37053 U.S. Trustee $ 750.00
Facilicom
03/12/04 37052 U.S. Trustee $ 500.00
03/26/04 37071 Judco Management $ 8,625.00
World Access Telecommunication Group, Inc.
03/02/04 37037 Winstead Sechrest & Minick $ 17,758.29
03/12/04 37050 U.S. Trustee $ 500.00
03/19/04 37056 Vanguard Archives, Inc. $ 666.13
03/19/04 37065 Winstead Sechrest & Minick $ 2,083.68
WorldxChange
03/12/04 37051 U.S. Trustee $ 250.00
------------
Total Affiliate Payments $ 40,384.77
------------
Total WAXS Disbursements $ 146,394.78
============
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: March 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
03/10/04 Payroll Taxes $ 22,021.14
03/24/04 Payroll Taxes $ 61,326.94
03/26/04 Processing Fees $ 789.38
-----------
Total WAXS Disbursements $ 84,137.46
===========
OPERATING REPORT Page 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: March 31, 2004
Bank: 1st Bank
Location: Virgin Islands
Account Name: FISC
Account Number: 719-1362214
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
03/05/04 Bank Fees $ 15.00
--------
Total WAXS Disbursements $ 15.00
========
OPERATING REPORT Page 10
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: March 31, 2004
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
------------
Ending inventory $ -
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 215,156.09
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: March 31, 2004
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
--------------- --------------- ---------------
Beginning of month balance $ - $ 14,028,429.83 $ 14,028,429.83
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 54,069.77 $ 54,069.77
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
--------------- --------------- ---------------
End of month balance $ - $ 14,082,499.60 $ 14,082,499.60
=============== =============== ===============
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 $ 1,753,923.42 $ 22,500,889.33 $ 24,254,812.75
Add: sales on account $ 403,814.00 $ - $ 403,814.00
Cash received on behalf of Affiliate $ - $ 60,961.90 $ 60,961.90
Cash received from Affiliate $ - $ - $ -
Less: payments $ (362,385.25) $ (160,546.08) $ (522,931.33)
--------------- --------------- ---------------
End of month balance $ 1,795,352.17 $ 22,401,305.15 $ 24,196,657.32
=============== =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 206,343.80 $ 16,442.55 $ 35,444.89 $ 1,537,120.93 $ 1,795,352.17
OPERATING REPORT Page 12
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: March 31, 2004
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