IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS
SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS
For the Month Ending: July 31, 2004
BEGINNING BALANCE IN ALL ACCOUNTS $ 3,295,749.70
RECEIPTS:
1. Receipts from Operations $ -
Intercompany Receipts $ 42,176.92
2. Other Receipts $ -
--------------
TOTAL RECEIPTS $ 42,176.92
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 (Paid by Parent or Affiliate)
a. Rent or mortgage payment(s) $ -
b. Utilities $ -
c. Insurance $ -
d. Merchandise bought for manufacture or sell $ -
e. Other necessary expenses $ -
Clearing of previously voided checks $ -
U.S. Trustee Fees $ 250.00
Computer Access/Hosting Services $ -
--------------
TOTAL DISBURSEMENTS $ 250.00
Less: Disbursements by Parent or Affiliate $ (250.00)
--------------
ADJUSTED TOTAL DISBURSEMENTS $ -
--------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 42,176.92
NET INTERCOMPANY SWEEP TRANSFERS - WAXS $ -
--------------
ENDING BALANCE IN WxC/WAXS $ 110,913.25
ENDING BALANCE IN B of A Checking $ 3,227,013.37
--------------
ENDING BALANCE $ 3,337,926.62
==============
OPERATING REPORT
Page 1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS
RECEIPTS LISTING
For the Month Ending: May 31, 2004
Bank: Bank of America
Location: Atlanta, GA
Account Name: WAXS - WorldXChange
Account Number: 3299991275
DATE RECEIVED DESCRIPTION AMOUNT
------------- ----------- ------------
7/9/2004 FCI-Sweden Estate 42,176.92
-----------
Total $ 42,176.92
===========
OPERATING REPORT
Page 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-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
Imperial Premium Finance Monthly 8,798.52 - -
Storage West Self Storage Monthly 209.00 See Note 1 27.87
Storage West Self Storage Monthly 99.00 See Note 1 13.20
Associated Storage Monthly 2,149.98 See Note 1 286.66
Bay 602 Corporation Monthly 9,817.39 See Note 1 1,308.99
Reynolds Family Properties Monthly 4,448.00 See Note 1 593.07
Reynolds Family Properties Monthly 23,792.49 See Note 1 3,172.33
Doral Plaza Associates Monthly 9,660.00 See Note 1 1,288.00
Colonial Parking Monthly 378.00 See Note 1 50.40
23223 Bryan St. Limited Partnership Monthly 16,941.16 See Note 1 2,258.82
Central Parking Systems Monthly 700.00 See Note 1 93.33
Currie Samuelson Monthly 1,200.00 See Note 1 160.00
Currie Samuelson Monthly 34,516.00 See Note 1 4,602.13
Downtown Properties Monthly 10,850.00 See Note 1 1,446.67
Hudson Telegraph Monthly 12,206.25 See Note 1 1,627.50
Okada International Monthly 2,601.03 See Note 1 346.80
One Wilshire Arcade Imp. Monthly 6,147.03 See Note 1 819.60
Rockrose Development Monthly 2,848.25 See Note 1 379.77
Scripps Ranch Landscape Monthly 1,000.00 See Note 1 133.33
Pacific Guardian Center Monthly 4,707.32 See Note 1 627.64
Wells Fargo Financial Leasing Co. Monthly 279.88 - -
Newcourt Leasing Monthly 1,871.90 - -
Greater San Diego Air Monthly 2,246.00 See Note 1 299.47
Finova Loan Admin. Inc Monthly 11,825.07 See Note 1 1,576.68
CIT Group Monthly 8,117.96 - -
Dana Commercial Credit Monthly 14,734.93 See Note 1 1,964.66
Danka Financial Services Monthly 16,705.50 - -
Danka Financial Services Monthly 378.16 See Note 2 428.58
Data Sales Co., Inc Monthly 58,663.13 See Note 1 7,821.75
IBM Corporation Monthly 56,452.32 - -
Advanta Leasing Services Monthly 1,374.62 - -
Premier Computer Sales Monthly 7,151.17 See Note 1 953.49
Siemens Credit LTD Monthly 45,360.11 See Note 2 51,408.12
Telogy, Inc. Monthly 6,482.29 See Note 1 864.31
Telecommunications Finance Group Monthly 1,013,115.84 See Note 2 1,148,197.95
Union Bank of CA., N.A. Monthly 61,133.27 See Note 1 8,151.10
Note 1: Debtor may be liable for prorated obligation from June 1, 2001 through
June 4, 2001 in the event I-Link does not assume contract.
Note 2: Debtor has not paid the monthly payment for May 2001. In addition,
Debtor may be liable for prorated obligation from June 1, 2001 through
June 4, 2001 in the event I-Link does not assume contract.
OPERATING REPORT
Page 3
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS
For the Month Ending: July 31, 2004
STATEMENT OF AGED RECEIVABLES
3RD PARTY INTERCOMPANY TOTAL
-------------- -------------- --------------
ACCOUNTS RECEIVABLE
Beginning of month balance $ - $ 2,402,758.04 $ 2,402,758.04
Add: Receipts by parent/affiliates $ - $ - $ -
Add: customer credits $ - $ - $ -
Add: intercompany activity $ - $ - $ -
Less: collections $ - $ (42,176.92) $ (42,176.92)
Less: offsets $ - $ - $ -
Less: application of customer deposits $ - $ - $ -
Less: sale of receivables to I-Link $ - $ - $ -
-------------- -------------- --------------
End of month balance $ - $ 2,360,581.12 $ 2,360,581.12
============== ============== ==============
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 $ 8,701,417.24 $ 6,267,463.73 $ 14,968,880.97
Add: sales on account** $ 250.00 $ - $ 250.00
Add: collections on behalf of I-Link $ - $ - $ -
Add: intercompany activity
Expenses paid directly by Parent or Affiliate $ (250.00) $ 250.00 $ -
Net cash advanced by Parent $ - $ - $ -
Credit extended by Parent or Affiliate $ - $ - $ -
Amounts collected by Parent $ - $ - $ -
Less: Invoicing to I-Link $ - $ - $ -
Less: remittances to I-Link $ - $ - $ -
Less: payments $ - $ - $ -
-------------- -------------- ---------------
End of month balance $ 8,701,417.24 $ 6,267,713.73 $ 14,969,130.97
============== ============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total
- --------- ---------- ---------- ------------ ------------------
$ - $ - $ - $ 8,701,417.24 $ 8,701,417.24
** The post-petition accounts payable balances accrued for above are subject to
customary audit and review, which could result in changes to the balances
recorded. If upon such audit and review amounts invoiced by vendors are
disputed, such disputed amounts are not reflected in the accounts payable
balances reflected above. As of the date of this report, the Debtor has
been invoiced cumulative post-petition disputed amounts totalling
$1,804,912.
OPERATING REPORT
Page 4
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHER DISTRICT OF ILLINOIS
EASTERN DIVISION
CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-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