IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: April 30, 2004
BEGINNING BALANCE IN ALL ACCOUNTS $ 14,171,418.23
RECEIPTS:
1. Receipts from Operations $ -
2. Other Receipts $ 12,270.21
Preference Action Collections $ 32,300.00
Other receipts (Received on behalf of Affiliates) $ -
---------------
TOTAL RECEIPTS $ 44,570.21
DISBURSEMENTS
3. Net Payroll
a. Officers $ 39,653.64
b. Others $ 39,652.99
4. Taxes
a. Federal Income Taxes $ 21,249.21
b. FICA Withholdings $ 6,216.08
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 6,216.07
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 5,450.46
g. State Employee withholdings $ 191.85
h. All other state taxes $ 1,292.00
5. Necessary Expenses
a. Rent or mortgage payment(s) $ 16,407.00
b. Utilities $ 4,481.73
c. Insurance $ 14,993.13
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 114,594.68
Employee Expenses $ 7,007.49
Office Supplies & Expenses $ 4,857.84
Other $ 10,474.80
---------------
TOTAL DISBURSEMENTS $ 292,892.91
Add: Disbursements made on behalf of Parent or Affiliates $ 43,126.26
---------------
ADJUSTED TOTAL DISBURSEMENTS $ 336,019.17
---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (291,448.96)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 158,350.44
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 345,115.66
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 93,674.04
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 53,197.61
ENDING BALANCE IN Bank of America - Money Market 851018 $ 7,966,595.31
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,263,036.21
---------------
ENDING BALANCE IN ALL ACCOUNTS $ 13,879,969.27
===============
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: April 30, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- --------------------------- ---------------
04/16/04 Apto Solutions $ 314.67
04/16/04 Bill Nipper $ 55.00
04/16/04 Arlington Computer Products $ 10,000.00
04/16/04 Comcast $ 1,200.00
04/16/04 Ying Wang $ 11,100.00
04/28/04 Fedex $ 10,000.00
---------------
Total WAXS Receipts $ 32,669.67
===============
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: April 30, 2004
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- --------------------------- ---------------
04/30/04 Interest Received $ 8,197.53
---------------
Total WAXS Receipts $ 8,197.53
===============
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: April 30, 2004
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- --------------------------- ---------------
04/30/04 Interest Received $ 3,703.01
---------------
Total WAXS Receipts $ 3,703.01
===============
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: April 30, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- --------------------------- ---------------
04/01/04 EZ-Com Technologies $ 13,000.00
04/05/04 Bank Fees $ 30.00
04/07/04 Debra Dawn $ 2,063.33
04/20/04 Merrill Lynch $ 153.94
---------------
Total WAXS Disbursements $ 15,247.27
===============
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
04/01/04 EZ-Com Technologies $ 13,000.00
---------------
Total Affiliate Payments $ 13,000.00
---------------
Total WAXS Disbursements $ 2,247.27
===============
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: April 30, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ -------------- ---------------
04/06/04 Multiple Payroll Checks $ 39,763.27
04/20/04 Multiple Payroll Checks $ 39,543.36
---------------
Total WAXS Disbursements $ 79,306.63
===============
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: April 30, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ -------------------------------------- ---------------
04/01/04 37078 Apollo Consulting $ 2,000.00
04/01/04 37079 BellSouth $ 482.49
04/01/04 37080 Debra Dawn $ 1,146.45
04/01/04 37081 Federal Express $ 126.54
04/01/04 37082 Metropolitan Life Insurance $ 6,083.83
04/01/04 37083 North Atlanta Realty Acquisition $ 9,251.67
04/01/04 37084 New Jersey Dept. of Labor $ 12.73
04/01/04 37085 Nextel Communications $ 392.26
04/01/04 37086 SBC-Pacbell $ 119.57
04/01/04 37087 Kamran Saeed $ 250.00
04/01/04 37088 United HealthCare $ 7,642.47
04/08/04 37089 Federal Express $ 93.09
04/08/04 37090 Gardner, Carton & Douglas $ 1,080.55
04/08/04 37091 Jenner & Block, LLC $ 45,066.70
04/08/04 37092 Lanier Parking Systems $ 550.00
04/08/04 37093 Levine & Block $ 34,899.18
04/08/04 37094 MCI Worldcom $ 2,511.27
04/08/04 37095 MCI Worldcom $ 45.37
04/08/04 37096 SBC-Pacbell $ 95.17
04/08/04 37097 Poorman-Douglas Corporation $ 1,896.32
04/08/04 37098 Kamran Saeed $ 250.00
04/08/04 37099 State Compensation Insurance Fund $ 1,266.83
04/08/04 37100 Ann Wallace $ 2,877.02
04/08/04 37101 Winstead Sechrest & Minick, P.C. $ 11,583.46
04/16/04 37102 Copier Solutions $ 495.00
04/16/04 37103 Ernst & Young, LLP $ 16,850.40
04/16/04 37104 Federal Express $ 278.77
04/16/04 37105 Judco Management, Inc. $ 8,625.00
04/16/04 37106 Michael Mies $ 2,796.44
04/16/04 37107 Nextel Communications $ 278.48
04/16/04 37108 SBC-Pacbell $ 340.22
04/16/04 37109 Kamran Saeed $ 250.00
04/16/04 37110 San Diego Gas & Electric $ 216.90
04/16/04 37111 Mark Warner $ 5,000.00
04/23/04 37112 Vanguard Archives $ 666.13
04/23/04 37113 Armstrong Teasdale, LLP $ 3,044.78
04/23/04 37114 Block Legal Video $ 2,182.00
04/23/04 37115 Continental Stock Transfer & Trust Co. $ 894.64
04/23/04 37116 Federal Express $ 210.55
04/23/04 37117 H. Peter Gant $ 271.75
04/23/04 37118 Katten Muchin Zavis Roseman $ 8,536.73
OPERATING REPORT Page 7 Page 1 of 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: April 30, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ---------------------------- ---------------
04/23/04 37119 Katherine Levesque $ 729.52
04/23/04 37120 MDC-Mark II $ 16,407.00
04/23/04 37121 Nowalsky, Bronston & Gothard $ 531.97
04/23/04 37122 Osborne-Clarke $ 506.05
04/23/04 37123 OSHA $ 400.00
04/23/04 37124 Royal Cup, Inc. $ 179.25
04/23/04 37125 Kamran Saeed $ 250.00
---------------
Total $ 199,664.55
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
04/01/04 37083 North Atlanta Realty Acquisition $ 9,251.67
Facilicom
04/16/04 37105 Judco Management, Inc. $ 8,625.00
World Access Telecommunication Group, Inc.
04/08/04 37101 Winstead Sechrest & Minick, P.C. $ 11,583.46
04/23/04 37112 Vanguard Archives $ 666.13
---------------
Total Affiliate Payments $ 30,126.26
---------------
Total WAXS Disbursements $ 169,538.29
===============
OPERATING REPORT Page 7 Page 2 of 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: April 30, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- --------------------------- ---------------
04/06/04 Payroll Taxes $ 21,410.83
04/20/04 Payroll Taxes $ 19,204.84
04/30/04 Processing Fees $ 1,185.05
---------------
Total WAXS Disbursements $ 41,800.72
===============
OPERATING REPORT Page 8
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: April 30, 2004
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
------------
Ending inventory $ -
============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 120,076.24
Payroll taxes due but unpaid $ -
STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS
DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF
NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT
- ----------------------- -------------- --------------- ------------------- -------------------
Xerox Corporation Monthly $ 1,247.84 10 $ 12,478.40
OPERATING REPORT Page 9
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: April 30, 2004
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
-------------- -------------- --------------
Beginning of month balance $ - $14,082,499.60 $14,082,499.60
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 43,126.26 $ 43,126.26
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
-------------- -------------- --------------
End of month balance $ - $14,125,625.86 $14,125,625.86
============== ============== ==============
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 $ 1,795,352.17 $22,401,305.15 $24,196,657.32
Add: sales on account $ (28,383.19) $ - $ (28,383.19)
Cash received on behalf of Affiliate $ - $ - $ -
Cash received from Affiliate $ - $ - $ -
Less: payments $ (292,892.91) $ - $ (292,892.91)
-------------- -------------- --------------
End of month balance $ 1,474,076.07 $22,401,305.15 $23,875,381.22
============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- ------------- ------------------- -------------- -------------- ------------------
$ 136,151.06 $ 82,203.32 $ 16,442.55 $ 1,239,279.14 $ 1,474,076.07
OPERATING REPORT Page 10
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: April 30, 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 11
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
DECLARATION UNDER PENALTY OF PERJURY
I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.
_____________________________________________
For the Debtor In Possession
Henry C. Lyon
Designated Officer
OPERATING REPORT Page 12