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: July 31, 2004
BEGINNING BALANCE IN ALL ACCOUNTS $12,627,416.24
RECEIPTS:
1. Receipts from Operations $ -
Intercompany Receipts $ 561,553.90
2. Other Receipts $ -
Preference Action Collections $ -
Other receipts (Received on behalf of Affiliates) $ 11,755.72
--------------
TOTAL RECEIPTS $ 573,309.62
DISBURSEMENTS
3. Net Payroll
a. Officers $ 65,246.84
b. Others $ 54,898.79
4. Taxes
a. Federal Income Taxes $ 36,731.92
b. FICA Withholdings $ 5,684.53
c. Employee's withholdings $ 230.91
d. Employer's FICA $ 5,684.53
e. Federal Unemployment Taxes $ -
f. State Income Tax $ 9,486.37
g. State Employee withholdings $ 399.68
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ 16,407.00
b. Utilities $ 4,591.97
c. Insurance $ 21,799.93
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses -
Professional and Bankruptcy Court Related Fees and Expenses $ 153,527.61
Employee Expenses $ 3,573.14
Office Supplies & Expenses $ 5,867.92
Other $ 13,466.71
--------------
TOTAL DISBURSEMENTS $ 397,597.85
Add: Disbursements made on behalf of Parent or Affiliates $ 42,195.37
--------------
ADJUSTED TOTAL DISBURSEMENTS $ 439,793.22
--------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 133,516.40
ENDING BALANCE IN Bank of America - Master 03751046297 $ 169,708.38
ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 313,441.79
ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 53,460.76
ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 60,169.59
ENDING BALANCE IN Bank of America - Money Market 851018 $ 6,888,578.54
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,275,573.58
--------------
ENDING BALANCE IN ALL ACCOUNTS $12,760,932.64
==============
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: July 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
07/08/04 FCI-Sweden Estate $ 561,553.90
07/09/04 Bill Nipper $ 55.00
------------
Total WAXS Receipts $ 561,608.90
============
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: July 31, 2004
Bank: Bank of America (Nations Funds)
Location: Charlotte, NC
Account Name: Money Market
Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
07/30/04 Interest Received $ 7,011.90
----------
Total WAXS Receipts $ 7,011.90
==========
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: July 31, 2004
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
07/30/04 Interest Received $ 4,688.82
----------
Total WAXS Receipts $ 4,688.82
==========
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: July 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Master Account
Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
07/01/04 EZ-Com Technologies $ 13,000.00
07/06/04 Bank Fees $ 30.00
07/09/04 CRMS/Ascom $ 500.00
07/30/04 Merrill Lynch $ 230.91
-----------
Total WAXS Disbursements $ 13,760.91
===========
Less: Disbursements made to or on behalf of Parent or Affiliates.
Facilicom
07/01/04 EZ-Com Technologies $ 13,000.00
Total Affiliate Payments $ 13,000.00
-----------
Total WAXS Disbursements $ 760.91
===========
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: July 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
07/14/04 Multiple Payroll Checks $ 36,113.65
07/28/04 Multiple Payroll Checks $ 84,031.98
-----------
Total WAXS Disbursements $120,145.63
===========
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: July 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
07/01/04 37277 Metrolpolitan Life Insurance $ 6,083.83
07/01/04 37278 N. Atlanta Realty Acquisition $ 9,251.67
07/01/04 37279 Nextel Communications $ 298.17
07/01/04 37280 Nowalsky, Bronston & Gothard $ 41.98
07/01/04 37281 Philpot Relocation Systems $ 420.18
07/01/04 37282 Kamran Saeed $ 250.00
07/01/04 37283 State Compensation Insurance Fund $ 1,266.83
07/01/04 37284 United Healthcare Insurance Co. $ 7,812.44
07/01/04 37285 Winstead Sechrest & Minick P.C. $ 1,578.43
07/09/04 37289 Bowne of Atlanta $ 1,091.00
07/09/04 37290 Federal Express $ 391.78
07/09/04 37291 Lanier Parking $ 605.00
07/09/04 37292 McKenna Long & Aldridge LLP $ 18,769.20
07/09/04 37293 MCI Worldcom $ 2,466.42
07/09/04 37294 MCI Worldcom $ 45.50
07/09/04 37295 Sean Moore $ 750.00
07/09/04 37296 SBC-Pacbell $ 633.65
07/09/04 37297 Kamran Saeed $ 250.00
07/09/04 37298 Winstead Sechrest & Minick P.C. $ 4,902.62
07/09/04 37299 Ernst & Young LLP $ 12,367.61
07/15/04 37301 Federal Express $ 158.65
07/15/04 37302 Judco Management $ 8,625.00
07/15/04 37303 McKenna Long & Aldridge LLP $ 29,448.38
07/15/04 37304 Nextel Communications $ 242.55
07/15/04 37305 Kamran Saeed $ 250.00
07/15/04 37306 Mark Warner $ 5,000.00
07/15/04 37307 Debra Dawn $ 1,202.20
07/20/04 37308 Vanguard Archives $ 666.13
07/20/04 37309 Armstrong Teasdale LLP $ 7,730.26
07/20/04 37310 Continental Stock Transfer & Trust Co $ 878.46
07/20/04 37311 Copier Solutions $ 495.00
07/20/04 37312 Debra Dawn $ 660.53
07/20/04 37313 Federal Express $ 186.80
07/20/04 37314 FTI Consulting $ 16,281.60
07/20/04 37315 Jenner & Block, LLC $ 64,608.86
07/20/04 37316 Katherine Levesque $ 252.71
07/20/04 37317 Osborne-Clarke $ 3,858.12
07/20/04 37318 Philpot Relocation Systems $ 642.43
07/20/04 37319 Kamran Saeed $ 250.00
07/20/04 37320 San Diego Gas & Electric $ 236.96
07/20/04 37321 State Compensation Insurance Fund $ 1,266.83
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: July 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
07/29/04 37322 Ascom Hasler Leasing $ 451.08
07/29/04 37323 BellSouth $ 389.67
07/29/04 37324 Debra Dawn $ 1,457.70
07/29/04 37325 Federal Express $ 85.09
07/29/04 37326 Judco Management $ 2,000.00
07/29/04 37327 Liberty Mutual $ 5,370.00
07/29/04 37328 McKenna Long & Aldridge LLP $ 421.60
07/29/04 37329 MDC-Mark II $ 16,407.00
07/29/04 37330 Merrill Lynch Pierce Fenner & Smith $ 5,677.50
07/29/04 37331 Nextel Communications $ 279.05
07/29/04 37332 Philpot Relocation Systems $ 200.00
07/29/04 37333 Royal Cup Inc $ 183.53
07/29/04 37334 Kamran Saeed $ 250.00
07/29/04 37335 U.S. Trustee $ 500.00
07/29/04 37336 U.S. Trustee $ 250.00
07/29/04 37337 U.S. Trustee $ 500.00
07/29/04 37338 U.S. Trustee $ 250.00
07/29/04 37339 Winstead Sechrest & Minick P.C. $ 220.44
-----------
Total $247,110.44
Less: Disbursements made to or on behalf of Parent or Affiliates.
WA Telecom Products Co., Inc.
07/01/04 37278 N. Atlanta Realty Acquisition $ 9,251.67
07/29/04 37322 Ascom Hasler Leasing $ 451.08
07/29/04 37338 U.S. Trustee $ 250.00
-----------
Facilicom
07/15/04 37302 Judco Management $ 8,625.00
07/29/04 37326 Judco Management $ 2,000.00
07/29/04 37335 U.S. Trustee $ 500.00
-----------
World Access Telecommunication Group, Inc.
07/01/04 37285 Winstead Sechrest & Minick P.C. $ 1,578.43
07/09/04 37298 Winstead Sechrest & Minick P.C. $ 4,902.62
07/20/04 37308 Vanguard Archives $ 666.13
07/29/04 37337 U.S. Trustee $ 500.00
07/29/04 37339 Winstead Sechrest & Minick P.C. $ 220.44
-----------
WorldxChange
07/29/04 37336 U.S. Trustee $ 250.00
-----------
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: July 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Corporate Disbursement
Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT
- -------------- ------------ ----------- ------
Total Affiliate Payments $ 29,195.37
-----------
Total WAXS Disbursements $217,915.07
===========
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: July 31, 2004
Bank: Bank of America
Location: Dallas, TX
Account Name: Payroll Account
Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT
- -------------- ----------- ------
07/14/04 Payroll Taxes $ 15,045.82
07/28/04 Payroll Taxes $ 42,941.21
07/30/04 Processing Fees $ 789.21
-----------
Total WAXS Disbursements $ 58,776.24
===========
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: July 31, 2004
STATEMENT OF INVENTORY
Beginning Inventory $ -
Add: purchases $ -
Less: goods sold $ -
----------
Ending inventory $ -
==========
PAYROLL INFORMATION STATEMENT
Gross payroll for this period $ 178,363.57
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: July 31, 2004
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
--------- --------------- ---------------
ACCOUNTS RECEIVABLE
Beginning of month balance $ - $ 14,278,380.32 $ 14,278,380.32
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ 42,195.37 $ 42,195.37
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ (561,553.90) $ (561,553.90)
--------- --------------- ---------------
End of month balance $ - $ 13,759,021.79 $ 13,759,021.79
========= =============== ===============
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 $ 1,128,826.60 $ 22,401,305.15 $ 23,530,131.75
Add: sales on account $ 392,800.56 $ - $ 392,800.56
Cash received on behalf of Affiliate $ - $ - $ -
Cash received from Affiliate $ - $ - $ -
Less: payments $ (397,597.85) $ - $ (397,597.85)
-------------- --------------- ---------------
End of month balance $ 1,124,029.31 $ 22,401,305.15 $ 23,525,334.46
============== =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
--------- ---------- ---------- ------------ ------------------
$ 173,750.04 $ 158,697.07 $ 150,723.53 $ 640,858.67 $ 1,124,029.31
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: July 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