IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: July 31, 2004
BEGINNING BALANCE IN ALL ACCOUNTS $10,110,394.12
RECEIPTS:
1. Receipts from Operations $ -
Receipts from Operations (Received by Parent) $ -
2. Other Receipts $ 8,994.94
Other receipts (Received by Parent or Affiliates) $ -
--------------
TOTAL RECEIPTS $ 8,994.94
Less: Receipts received by Parent or Affiliates $ -
--------------
ADJUSTED TOTAL RECEIPTS $ 8,994.94
DISBURSEMENTS
3. Net Payroll
a. Officers $ -
b. Others $ -
4. Taxes
a. Federal Income Taxes $ -
b. FICA Withholdings $ -
c. Employee's withholdings $ -
d. Employer's FICA $ -
e. Federal Unemployment Taxes $ -
f. State Income Tax $ -
g. State Employee withholdings $ -
h. All other state taxes $ -
5. Necessary Expenses
a. Rent or mortgage payment(s) $ 9,251.67
b. Utilities $ -
c. Insurance $ -
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses $ 451.08
Office Supplies & Expenses $ -
Other $ 250.00
--------------
TOTAL DISBURSEMENTS $ 9,952.75
Less: Disbursements made by Parent or Affiliates $ (9,952.75)
--------------
ADJUSTED TOTAL DISBURSEMENTS $ -
--------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 8,994.94
NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ -
--------------
ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130 $10,119,389.06
--------------
ENDING BALANCE IN ALL ACCOUNTS $10,119,389.06
==============
OPERATING REPORT
Page 1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
RECEIPTS LISTING
For the Month Ending: July 31, 2004
Bank: Deutsche Bank Alex. Brown
Location: Baltimore, MD
Account Name: Investment Account
Account Number: 206-21130
DATE RECEIVED DESCRIPTION AMOUNT
- ------------- ----------- ------
7/30/2004 Interest Received $ 8,994.94
----------
Total WATP Receipts $ 8,994.94
==========
OPERATING REPORT
Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 $ -
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
- ---------------------------------------- -------------- --------------- ------------------- -------------------
North Atlanta Realty Monthly $ 9,674.60 - $ -
GE Capital (Copier Lease) Monthly $ 575.72 - $ -
Toshiba Easy Lease (Fax) Monthly $ 84.41 6 $ 506.46
Toshiba Easy Lease (Fax) Monthly $ 35.11 6 $ 210.66
GE Capital (Copier/Fax Lease) Monthly $ 612.83 6 $ 3,676.98
Ascom/Hasler (Postage Meter) Quarterly $ 181.15 - $ -
Ascom/Hasler (Postage Meter) Quarterly $ 719.04 1 $ 719.04
Imperial Business Credit (Postage Meter) Quarterly $ 497.83 1 $ 497.83
OPERATING REPORT
Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS
For the Month Ending: July 31, 2004
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
--------------- --------------- ---------------
ACCOUNTS RECEIVABLE
Beginning of month balance $ 13,137,814.57 $ 20,948,877.89 $ 34,086,692.46
Add: sales on account $ - $ - $ -
expenses paid for affiliate $ - $ - $ -
cash advanced to affiliate $ - $ - $ -
Less: collections $ - $ - $ -
--------------- --------------- ---------------
End of month balance $ 13,137,814.57 $ 20,948,877.89 $ 34,086,692.46
=============== =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- --------- ---------- ---------- --------------- ------------------
$ - $ - $ - $ 13,137,814.57 $ 13,137,814.57
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL
---------- -------------- --------------
Beginning of month balance $ 7,043.23 $ 1,066,498.97 $ 1,073,542.20
Add: sales on account $ 9,952.75 $ - $ 9,952.75
Cash received on behalf of Affiliate $ - $ - $ -
Cash received from Affiliate $ - $ - $ -
Less: payments $(9,952.75) $ 9,952.75 $ -
---------- -------------- --------------
End of month balance $ 7,043.23 $ 1,076,451.72 $ 1,083,494.95
========== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- --------- ---------- ---------- ------------ ------------------
$ - $ - $ - $ 7,043.23 $ 7,043.23
OPERATING REPORT
Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-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 5
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 6