EXHIBIT 99.1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: May 31, 2004
BEGINNING BALANCE IN ALL ACCOUNTS $ 13,879,969.27
RECEIPTS:
1. Receipts from Operations $ -
2. Other Receipts $ 370,181.12
Preference Action Collections $ 18,816.34
Other receipts (Received on behalf of Affiliates) $ -
-----------------
TOTAL RECEIPTS $ 388,997.46
DISBURSEMENTS
3. Net Payroll
a. Officers $ 65,246.84
b. Others $ 73,057.36
4. Taxes
a. Federal Income Taxes $ 43,033.59
b. FICA Withholdings $ 6,976.06
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 6,976.08
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 11,054.18
g. State Employee withholdings $ 399.67
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 6,447.67
c. Insurance $ 15,163.10
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 221,727.35
Employee Expenses $ 8,539.24
Office Supplies & Expenses $ 4,890.37
Other $ 27,297.87
-----------------
TOTAL DISBURSEMENTS $ 490,963.32
Add: Disbursements made on behalf of Parent or Affiliates $ 94,166.61
-----------------
ADJUSTED TOTAL DISBURSEMENTS $ 585,129.93
-----------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (196,132.47)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 497,629.02
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 155,438.11
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 55,369.84
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 84,233.37
ENDING BALANCE IN Bank of America - Money Market 851018 $ 7,624,149.37
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,267,017.09
ENDING BALANCE IN 1st Bank - FISC 719-1-362214 $ -
-----------------
ENDING BALANCE IN ALL ACCOUNTS $ 13,683,836.80
=================
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: May 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
05/19/04 WXC-UK Ltd. $ 358,371.26
05/25/04 Electric Lightwave $ 3,500.00
05/25/04 Apto Solutions $ 219.92
05/25/04 Bill Nipper $ 55.00
05/25/04 Cadden & Fuller $ 13,316.34
05/25/04 Vertex $ 2,000.00
--------------
Total WAXS Receipts $ 377,462.52
==============
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: May 31, 2004
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
05/28/04 Interest Received $ 7,554.06
----------
Total WAXS Receipts $ 7,554.06
==========
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: May 31, 2004
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
05/28/04 Interest Received $ 3,980.88
----------
Total WAXS Receipts $ 3,980.88
==========
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: May 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
05/03/04 EZ-Com Technologies $ 13,000.00
05/04/04 Bank Fees $ 30.00
05/25/04 Merrill Lynch $ 153.94
-----------
Total WAXS Disbursements $ 13,183.94
===========
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
05/03/04 EZ-Com Technologies $ 13,000.00
-----------
Total Affiliate Payments $ 13,000.00
-----------
Total WAXS Disbursements $ 183.94
===========
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: May 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
05/05/04 Multiple Payroll Checks $ 40,532.08
05/19/04 Multiple Payroll Checks $ 97,772.12
------------
Total WAXS Disbursements $ 138,304.20
============
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: May 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
05/01/04 37126 BellSouth $ 403.07
05/01/04 37127 BellSouth $ 1,951.67
05/01/04 37128 Dallas Professional Reporters $ 1,348.60
05/01/04 37129 Debra Dawn $ 1,741.32
05/01/04 37130 Federal Express $ 180.40
05/01/04 37131 FTI Consulting $ 15,031.56
05/01/04 37132 Katherine Levesque $ 138.16
05/01/04 37133 Levine & Block $ 36,158.97
05/01/04 37134 Merrill Lynch, Pierce, Fenner & Smith $ 5,592.50
05/01/04 37135 North Atlanta Realty Acquisition $ 9,251.67
05/01/04 37136 Nextel Communications $ 302.89
05/01/04 37137 Philpot Relocation Systems $ 635.76
05/01/04 37138 Kamran Saeed $ 250.00
05/01/04 37139 Ann Wallace $ 2,491.44
05/01/04 37140 Warren-Hanks Construction Co. $ 1,038.00
05/01/04 37141 Covington & Burling $ 10,000.00
05/05/04 37142 Apollo Consulting $ 2,000.00
05/05/04 37143 Debra Dawn $ 517.78
05/05/04 37144 Federal Express $ 120.68
05/05/04 37145 Gardner, Carton & Douglas $ 3,186.32
05/05/04 37146 Lanier Parking $ 550.00
05/05/04 37147 Katherine Levesque $ 861.90
05/05/04 37148 Metropolitan Life Insurance $ 6,083.83
05/05/04 37149 SBC-Pacbell $ 121.03
05/05/04 37150 Poorman-Douglas $ 1,767.89
05/05/04 37151 Kamran Saeed $ 250.00
05/05/04 37152 United Healthcare $ 7,812.44
05/05/04 37153 U.S. Trustee $ 500.00
05/05/04 37154 U.S. Trustee $ 250.00
05/05/04 37155 U.S. Trustee $ 500.00
05/05/04 37156 U.S. Trustee $ 8,000.00
05/05/04 37157 U.S. Trustee $ 750.00
05/05/04 37158 Velocity Express $ 13.91
05/05/04 37159 Levine & Block $ 60,681.60
05/13/04 37160 Copier Solutions $ 495.00
05/13/04 37161 Federal Express $ 240.19
05/13/04 37162 H. Peter Gant $ 128.83
05/13/04 37163 Judco Management $ 8,625.00
05/13/04 37164 McKenna Long & Aldridge $ 3,375.68
05/13/04 37165 MCI Worldcom $ 67.90
05/13/04 37166 Nextel Communications $ 705.81
OPERATING REPORT Page 7 Page 1 of 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: May 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
05/13/04 37167 SBC-Pacbell $ 435.65
05/13/04 37168 Kamran Saeed $ 250.00
05/13/04 37169 San Diego Gas & Electric $ 198.17
05/13/04 37170 State Compensation Insurance Fund $ 1,266.83
05/13/04 37171 Ann Wallace $ 2,728.72
05/13/04 37172 Mark Warner $ 5,000.00
05/21/04 37173 Vanguard Archives $ 666.13
05/21/04 37174 Renee Carroll $ 1,625.00
05/21/04 37175 CLS Security Electronics $ 77.85
05/21/04 37176 Debra Dawn $ 1,123.62
05/21/04 37177 H. Peter Gant $ 728.04
05/21/04 37178 Keith Harrison $ 1,125.00
05/21/04 37179 Jenner & Block $ 47,663.79
05/21/04 37180 Katherine Levesque $ 1,568.10
05/21/04 37181 Philpot Relocation Systems $ 637.51
05/21/04 37182 Royal Cup Inc. $ 143.22
05/21/04 37183 Kamran Saeed $ 250.00
05/21/04 37184 Winstead Sechrest & Minick $ 34,877.43
05/26/04 37185 Armstrong-Teasdale LLP $ 1,640.02
05/26/04 37186 Ascom Hasler Leasing $ 194.21
05/26/04 37187 BellSouth $ 1,953.17
05/26/04 37188 Bowne of Atlanta $ 12,627.00
05/26/04 37189 Continental Stock Transfer & Trust $ 3,362.95
05/26/04 37190 Virginia Cook $ 210.70
05/26/04 37191 CT Corporation $ 219.00
05/26/04 37192 Debra Dawn $ 1,520.79
05/26/04 37193 Federal Express $ 249.24
05/26/04 37194 FTI Consulting $ 13,073.48
05/26/04 37195 Katten Muchin Zavis Roseman $ 8,241.37
05/26/04 37196 Nextel Communications $ 308.31
05/26/04 37197 Nowalsky, Bronston & Gothard $ 279.67
05/26/04 37198 Kamran Saeed $ 250.00
05/26/04 37199 Southern Office Systems $ 508.61
05/26/04 37200 Winstead Sechrest & Minick $ 25,552.17
-------------
Total $ 364,677.55
OPERATING REPORT Page 7 Page 2 of 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: May 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
-------------- ------------ ----------- ------
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
05/01/04 37135 North Atlanta Realty Acquisition $ 9,251.67
05/05/04 37157 U.S. Trustee $ 750.00
05/26/04 37186 Ascom Hasler Leasing $ 194.21
-------------
Facilicom
05/05/04 37153 U.S. Trustee $ 500.00
05/13/04 37163 Judco Management $ 8,625.00
-------------
World Access Telecommunication Group, Inc.
05/05/04 37155 U.S. Trustee $ 500.00
05/21/04 37173 Vanguard Archives $ 666.13
05/21/04 37184 Winstead Sechrest & Minick $ 34,877.43
05/26/04 37200 Winstead Sechrest & Minick $ 25,552.17
-------------
WorldxChange
05/05/04 37154 U.S. Trustee $ 250.00
-------------
Total Affiliate Payments $ 81,166.61
-------------
Total WAXS Disbursements $ 283,510.94
=============
OPERATING REPORT Page 7 Page 3 of 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: May 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
05/05/04 Payroll Taxes $ 18,476.63
05/19/04 Payroll Taxes $ 49,962.95
05/28/04 Processing Fees $ 524.66
-----------
Total WAXS Disbursements $ 68,964.24
===========
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: May 31, 2004
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
-------------
Ending inventory $ -
=============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 206,897.72
Payroll taxes due but unpaid $ -
STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS
DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF
NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT
- ----------------------- -------------- ---------------- -------------------- -------------------
Xerox Corporation Monthly $ 1,247.84 10 $ 12,478.40
OPERATING REPORT Page 9
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: May 31, 2004
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
------------------- --------- --------------- ---------------
Beginning of month balance $ - $ 14,125,625.86 $ 14,125,625.86
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 94,166.61 $ 94,166.61
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
-------------- --------------- ---------------
End of month balance $ - $ 14,219,792.47 $ 14,219,792.47
============== =============== ===============
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 $ 1,474,076.07 $ 22,401,305.15 $ 23,875,381.22
Add: sales on account $ 609,059.12 $ - $ 609,059.12
Cash received on behalf of Affiliate $ - $ - $ -
Cash received from Affiliate $ - $ - $ -
Less: payments $ (490,963.32) $ - $ (490,963.32)
-------------- --------------- ---------------
End of month balance $ 1,592,171.87 $ 22,401,305.15 $ 23,993,477.02
============== =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 395,696.86 $ 86,525.66 $ 79,554.21 $ 1,030,395.14 $ 1,592,171.87
OPERATING REPORT Page 10
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: May 31, 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, Michael F. Mies, 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
Michael F. Mies
Designated Officer
OPERATING REPORT Page 12