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: June 30, 2004
BEGINNING BALANCE IN ALL ACCOUNTS $ 13,683,836.80
RECEIPTS:
1. Receipts from Operations $ -
2. Other Receipts $ 11,339.94
Preference Action Collections $ 8,000.00
Other receipts (Received on behalf of Affiliates) $ -
-----------------
TOTAL RECEIPTS $ 19,339.94
DISBURSEMENTS
3. Net Payroll
a. Officers $ 61,216.68
b. Others $ 60,546.77
4. Taxes
a. Federal Income Taxes $ 31,080.48
b. FICA Withholdings $ 5,092.28
c. Employee's withholdings $ 153.94
d. Employer's FICA $ 5,092.23
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 8,060.20
g. State Employee withholdings $ 287.77
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ -
b. Utilities $ 12,292.25
c. Insurance $ 13,896.27
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 783,330.24
Employee Expenses $ 8,956.91
Office Supplies & Expenses $ 13,466.05
Other $ 13,700.58
-----------------
TOTAL DISBURSEMENTS $ 1,017,172.65
Add: Disbursements made on behalf of Parent or Affiliates $ 58,587.85
-----------------
ADJUSTED TOTAL DISBURSEMENTS $ 1,075,760.50
-----------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (1,056,420.56)
ENDING BALANCE IN Bank of America - Master 03751046297 $ 46,860.39
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ (39,447.77)
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 23,606.39
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 43,945.83
ENDING BALANCE IN Bank of America - Money Market 851018 $ 7,281,566.64
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,270,884.76
ENDING BALANCE IN 1st Bank - FISC 719-1-362214 $ -
-----------------
ENDING BALANCE IN ALL ACCOUNTS $ 12,627,416.24
=================
OPERATING REPORT Page 1
IN THE UNITED STATES COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: June 30, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
06/21/04 Cybertel $ 1,000.00
06/21/04 Bill Nipper $ 55.00
06/21/04 Paramount Group $ 1,000.00
06/21/04 Globaltron $ 5,000.00
06/21/04 Onvoy, Inc. $ 1,000.00
-----------
Total WAXS Receipts $ 8,055.00
===========
OPERATING REPORT Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: June 30, 2004
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
06/30/04 Interest Received $ 7,417.27
-----------
Total WAXS Receipts $ 7,417.27
===========
OPERATING REPORT Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
RECEIPTS LISTING
For the Month Ending: June 30, 2004
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
06/30/04 Interest Received $ 3,867.67
-----------
Total WAXS Receipts $ 3,867.67
===========
OPERATING REPORT Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
06/01/04 EZ-Com Technologies $ 13,000.00
06/03/04 Bank Fees $ 30.00
06/16/04 Poorman-Douglas $ 5,389.69
06/16/04 CMRS/Hasler $ 250.00
06/16/04 Merrill Lynch $ 153.94
-----------
Total WAXS Disbursements $ 18,823.63
===========
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
06/01/04 EZ-Com Technologies $ 13,000.00
Total Affiliate Payments $ 13,000.00
-----------
Total WAXS Disbursements $ 5,823.63
===========
OPERATING REPORT Page 5
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
06/02/04 Multiple Payroll Checks $ 41,364.68
06/16/04 Multiple Payroll Checks $ 40,830.31
06/29/04 Multiple Payroll Checks $ 39,568.46
------------
Total WAXS Disbursements $ 121,763.45
============
OPERATING REPORT Page 6
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
06/02/04 Void-37071 Judco Management, Inc. $ (8,625.00)
06/02/04 37201 Apollo Consulting $ 2,000.00
06/02/04 37202 BellSouth $ 408.78
06/02/04 37204 Dallas Professional Reporters $ 1,222.20
06/02/04 37205 Debra Dawn $ 1,717.28
06/02/04 37206 Fedex $ 100.60
06/02/04 37207 Gillis Delaney Brown $ 2,007.20
06/02/04 37208 Herbert Stettin $ 1,146.25
06/02/04 37209 Judco Management, Inc. $ 10,025.00
06/02/04 37210 Katherine Levesque $ 322.82
06/02/04 37211 Levine & Block $ 72,667.13
06/02/04 37212 MCI Worldcom $ 2,475.66
06/02/04 37213 Metropolitan Life Insurance Co. $ 6,083.83
06/02/04 37214 North Atlanta Realty Acquisition $ 9,266.67
06/02/04 37215 SBC-Pacbell $ 119.15
06/02/04 37216 Kamran Saeed $ 250.00
06/02/04 37217 San Diego County $ 132.86
06/02/04 37218 Carl Sonne $ 2,039.82
06/02/04 37219 United Healthcare $ 7,812.44
06/02/04 37220 Cadwalader Wickersham & Taft $ 342,469.98
06/10/04 37221 CT Corporation $ 192.49
06/10/04 37222 Debra Dawn $ 1,717.90
06/10/04 37224 Fedex $ 212.08
06/10/04 37225 Secretary of State $ 45.00
06/10/04 37226 Secretary of State $ 45.00
06/10/04 37227 Secretary of State $ 45.00
06/10/04 37228 Secretary of State $ 60.00
06/10/04 37229 Lanier Parking Systems $ 605.00
06/10/04 37230 MCI Worldcom $ 36.30
06/10/04 37231 Merrill Lynch Pierce Fenner & Smith $ 5,575.00
06/10/04 37232 Osborne-Clarke $ 25.92
06/10/04 37233 New Jersey Dept. of Labor $ 50.19
06/10/04 37234 Nextel Communications $ 254.68
06/10/04 37235 SBC-Pacbell $ 434.29
06/10/04 37236 Kamran Saeed $ 250.00
06/10/04 37237 Michael Mies $ 1,012.20
06/17/04 37238 Vanguard Archives $ 666.13
06/17/04 37239 Continental Stock Transfer & Trust Co. $ 870.14
06/17/04 37240 Covington & Burling $ 44,239.44
06/17/04 37241 Debra Dawn $ 720.66
06/17/04 37242 H. Peter Gant $ 320.99
OPERATING REPORT Page 7 Page 1 of 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
06/17/04 37243 Jenner & Block $ 32,970.43
06/17/04 37244 Judco Management, Inc. $ 8,625.00
06/17/04 37245 Katherine Levesque $ 237.90
06/17/04 37246 Poorman-Douglas Corp. $ 1,557.77
06/17/04 37247 Royal Cup Inc. $ 89.62
06/17/04 37248 Kamran Saeed $ 250.00
06/17/04 37249 San Diego Gas & Electric $ 236.03
06/17/04 37250 Mark Warner $ 5,000.00
06/17/04 37251 Winstead Sechrest & Minick $ 19,180.02
06/17/04 37252 Lamberth, Cifelli Stokes & Stout $ 5,616.58
06/25/04 37253 Alston & Bird LLP $ 96,412.50
06/25/04 37254 Tod Chmar $ 322.12
06/25/04 37255 Ernst & Young LLP $ 19,387.72
06/25/04 37256 Fedex $ 207.65
06/25/04 37257 Katten Muchin Zavis Roseman $ 17,667.82
06/25/04 37258 Levine & Block $ 42,981.17
06/25/04 37259 Osborne-Clarke $ 1,660.75
06/25/04 37260 Kamran Saeed $ 250.00
06/25/04 37261 Winstead Sechrest & Minick $ 6,109.59
06/25/04 37262 MCI Worldcom $ 2,866.81
06/29/04 37263 Alston & Bird LLP $ 20,731.19
06/29/04 37264 AMC Global Communication $ 85.00
06/29/04 37265 Apollo Consulting $ 2,000.00
06/29/04 37266 Ascom Hasler Leasing $ 205.44
06/29/04 37267 BellSouth $ 256.69
06/29/04 37268 Bowne of Atlanta $ 7,026.00
06/29/04 37269 Copier Solutions $ 495.00
06/29/04 37270 Covington & Burling $ 6,732.68
06/29/04 37271 Ernst & Young LLP $ 24,671.94
06/29/04 37272 FTI Consulting $ 11,096.30
06/29/04 37273 FTI Consulting $ 4,694.07
06/29/04 37274 Gardner Carton & Douglas $ 8,075.87
06/29/04 37275 Katherine Levesque $ 545.22
06/29/04 37276 McKenna Long & Aldridge $ 19,905.64
06/29/04 37286 BellSouth $ 385.10
06/29/04 37287 BellSouth $ 5,073.44
06/29/04 37288 Fedex $ 255.74
-------------
Total $ 884,885.88
=============
OPERATING REPORT Page 7 Page 2 of 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 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.
06/02/04 37214 North Atlanta Realty Acquisition $ 9,266.67
06/10/04 37227 Secretary of State $ 45.00
06/29/04 37266 Ascom Hasler Leasing $ 205.44
-------------
Facilicom
06/02/04 Void-37071 Judco Management, Inc. $ (8,625.00)
06/02/04 37209 Judco Management, Inc. $ 10,025.00
06/17/04 37244 Judco Management, Inc. $ 8,625.00
-------------
World Access Telecommunication Group, Inc.
06/10/04 37225 Secretary of State $ 45.00
06/17/04 37238 Vanguard Archives $ 666.13
06/17/04 37251 Winstead Sechrest & Minick $ 19,180.02
06/25/04 37261 Winstead Sechrest & Minick $ 6,109.59
-------------
WorldxChange
06/10/04 37226 Secretary of State $ 45.00
-------------
Total Affiliate Payments $ 45,587.85
-------------
Total WAXS Disbursements $ 839,298.03
=============
OPERATING REPORT Page 7 Page 3 of 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
DISBURSEMENT LISTING
For the Month Ending: June 30, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
06/02/04 Payroll Taxes $ 16,943.85
06/16/04 Payroll Taxes $ 16,679.99
06/29/04 Payroll Taxes $ 15,989.12
06/25/04 Processing Fees $ 674.58
-------------
Total WAXS Disbursements $ 50,287.54
=============
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: June 30, 2004
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
-------------
Ending inventory $ -
=============
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 171,530.35
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
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: June 30, 2004
STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL
--------- ------------ -----
Beginning of month balance $ - $ 14,219,792.47 $ 14,219,792.47
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 58,587.85 $ 58,587.85
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
---------- ----------------- ----------------
End of month balance $ - $ 14,278,380.32 $ 14,278,380.32
========== ================= ================
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 $ 1,592,171.87 $ 22,401,305.15 $ 23,993,477.02
Add: sales on account $ 553,827.38 $ - $ 553,827.38
Cash received on behalf of Affiliate $ - $ - $ -
Cash received from Affiliate $ - $ - $ -
Less: payments $ (1,017,172.65) $ - $ (1,017,172.65)
--------------- ---------------- ----------------
End of month balance $ 1,128,826.60 $ 22,401,305.15 $ 23,530,131.75
=============== ================ ================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- --------- ---------- ---------- ------------ ------------------
$ 337,244.40 $ 150,723.53 $ 86,525.66 $ 554,333.01 $ 1,128,826.60
OPERATING REPORT Page 10
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS
For the Month Ending: June 30, 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