1
Exhibit 99b
POWERTEL USA, INC.
97-30265
CHAPTER 11
MONTHLY OPERATING REPORT
MAY 1997
The Trustee is filing an incomplete Monthly Operating Report due to the lack of
complete records. The former officers of PowerTel USA, Inc. have not cooperated
with the Trustee by providing the necessary information. The books and Records
are missing. Therefore, it is impossible for the Trustee to file a complete
Monthly Operating Report.
/s/ Barry L. Solomon
--------------------------------------
BARRY L. SOLOMON, TRUSTEE
2
INCOME STATEMENT
(Accrual Basis)
(Month/Year)
5/97
Current Year to
Month Date
------------ ------------
Income $ 5930.73 $ 5970.53
------------ ------------
Cost of Goods Sold
Beginning Inventory $ $
------------ ------------
Inventory Purchases $ $
------------ ------------
Ending inventory $ $
------------ ------------
Total Costs of Goods Sold $ -0- $ -0-
------------ ------------
Operating Expenses
Salaries and Wages $ $
------------ ------------
Employee Benefits $ $
------------ ------------
Equipment Lease Payments $ $
------------ ------------
Rent $ $
------------ ------------
Secured Debt Payments $ $
------------ ------------
Utilities $ $
------------ ------------
Telephone $ $
------------ ------------
Repairs & Maintenance $ 2710.00 $ 2710.00
------------ ------------
Misc. Office Expense $ $
------------ ------------
Advertising $ $
------------ ------------
Travel & Entertainment $ $
------------ ------------
Professional Fees $ $
------------ ------------
Depreciation $ $
------------ ------------
Insurance: Liability $ $
------------ ------------
Property $ $
------------ ------------
Vehicle $ $
------------ ------------
Worker's Compensation $ $
------------ ------------
Other___________________ $ $
------------ ------------
Taxes: Payroll $ $
------------ ------------
Sales $ $
------------ ------------
Income $ $
------------ ------------
Real Property $ $
------------ ------------
Personal Property $ $
------------ ------------
Total Operating Expenses $ 2710.00 $ 2710.00
------------ ------------
Total Profit (Loss) from Operations $ 3220.73 $ 3260.73
------------ ------------
Other Income (Expense) $ $
------------ ------------
Gain (Loss) on Sale of Assets $ $
------------ ------------
Interest Expense $ $
------------ ------------
Interest Income $ 8.61 $ 8.69
------------ ------------
Dividend income $ $
------------ ------------
Total $ 8.61 $ 8.69
------------ ------------
Total Profit (Loss) for Month $ 3229.34 $ 3269.42
------------ ------------
(Form No. 2)
3
INCOME STATEMENT
SCHEDULE OF PROFESSIONAL FEES
Current Prepayment
Fees Balance
Accrued (If any)
------------ ------------
Name of Professional:
Attorneys:
Accountants:
Other:
(Form No. 2)
4
CASH FLOW STATEMENT
(Month/Year)
5/97
Projected
Current For current
Month Month
------------ ------------
Receipts:
Sales (Cash Only) $ 5930.73 $
------------ ------------
Collections of Accounts Receivable $ $
------------ ------------
Other Income $ 8.61 $
------------ ------------
Total Receipts $ 5939.34 $
------------ ------------
Disbursements:
Purchases and Inventory $ $
------------ ------------
Salaries and Wages $ $
------------ ------------
Employee Benefits $ $
------------ ------------
Equipment Lease Payments $ $
------------ ------------
Rent $ $
------------ ------------
Secured Debt Payments $ $
------------ ------------
Outside Services $ $
------------ ------------
Telephone $ $
------------ ------------
Repairs & Maintenance $ 2710.00 $
------------ ------------
Misc. Office Expense $ $
------------ ------------
Advertising $ $
------------ ------------
Travel & Entertainment $ $
------------ ------------
Professional Fees $ $
------------ ------------
Court Costs $ $
------------ ------------
Insurance: Liability $ $
------------ ------------
Property $ $
------------ ------------
Vehicle $ $
------------ ------------
Worker's Compensation $ $
------------ ------------
Other $ $
------------ ------------
Taxes: Payroll $ $
------------ ------------
Sales $ $
------------ ------------
Income $ $
------------ ------------
Real Property $ $
------------ ------------
Personal Property $ $
------------ ------------
Total Disbursements $ 2710.00 $
------------ ------------
Cash Flow $ 3229.34 $
------------ ------------
(Form No. 3)
5
RECAPITULATION
5/97
Balance from Prior Month
General Account $ 40.08
--------
Bank: CHASE
Branch: New York
Account #: 312731324365
SAN JACINTO POWER $ .00
--------
Bank: CHASE
Branch: New York
Account #: 312750667865
Tax Account $
--------
Bank:
Branch:
Account #:
Balance to Carry Forward to Next Month:
General Account $ 51.58
--------
SAN JACINTO POWER $3217.84
--------
Tax Account: $
--------
(Form No. 3)
6
PROJECTED CASH FLOW STATEMENT
(Month/Year)
Next Following
Month Month
------------ ------------
Projected Receipts:
Sales (Cash Only) $ $
------------ ------------
Collections of Accounts Receivable $ $
------------ ------------
Other Income $ $
------------ ------------
Total Projected Receipts $ $
------------ ------------
Projected Disbursements:
Purchases and Inventory $ $
------------ ------------
Salaries and Wages $ $
------------ ------------
Employee Benefits $ $
------------ ------------
Equipment Lease Payment $ $
------------ ------------
Rent $ $
------------ ------------
Secured Debt Payments $ $
------------ ------------
Utilities $ $
------------ ------------
Telephone $ $
------------ ------------
Repairs & Maintenance $ $
------------ ------------
Misc. Office Expense $ $
------------ ------------
Advertising $ $
------------ ------------
Travel & Entertainment $ $
------------ ------------
Professional Fees $ $
------------ ------------
Depreciation $ $
------------ ------------
Insurance: Liability $ $
------------ ------------
Property $ $
------------ ------------
Vehicle $ $
------------ ------------
Worker's Compensation $ $
------------ ------------
Other $ $
------------ ------------
Taxes: Payroll $ $
------------ ------------
Sales $ $
------------ ------------
Income $ $
------------ ------------
Real Property $ $
------------ ------------
Personal Property $ $
------------ ------------
Total Projected Disbursements $ $
------------ ------------
Projected Cash Flow $ $
------------ ------------
(Form No. 4)
7
BALANCE SHEET
(MONTH/YEAR)
5/97
Assets
Current Assets:
Cash $ 3269.42
-------------
Accounts Receivable $
-------------
Allowance for Doubtful
Accounts $
-------------
Accounts Receivable (Net) $
-------------
Inventory $
-------------
Prepaid Expenses $
-------------
Total Current Assets $ 3269.42
-------------
Property and Equipment (Fair Market Value)
Real Property $
-------------
Machinery and Equipment $
-------------
Furniture and Fixtures $
-------------
Office Equipment $
-------------
Leasehold Improvements $
-------------
Vehicles $
-------------
Other___________________ $
-------------
Total Property and Equipment $ -0-
-------------
Total Assets: $ 3269.42
-------------
(Form No. 5)
8
LIABILITIES
5/97
Postpetition Liabilities (Accrued and Unpaid)
Salaries & Wages $
-------------
Payroll Taxes $
-------------
Sales Taxes $
-------------
Income Taxes $
-------------
Real Property Taxes $
-------------
Personal Property Taxes $
-------------
Accounts Payable $
-------------
Postpetition Real Property
Lease Arrearages $
-------------
Postpetition Equipment
Lease Arrearages $
-------------
Accrued Professional Fees
Other________________________ $
-------------
__________________________ $
-------------
Total Postpetition Liabilities $ -0-
-------------
Prepetition Liabilities
Priority Debt $
-------------
Secured Debt $
-------------
Unsecured Debt $
-------------
Total Prepetition Liabilities $
-------------
Shareholder's Equity
Common Stock $
-------------
Paid-In Capital $
-------------
Retained Earnings $ 3269.42
-------------
Total Shareholder's Equity $ 3269.42
-------------
Total Liabilities & Equity $ 3269.42
-------------
(Form No. 5)
9
Monthly Questionnaire
I. Accounts Payable and Receivable Aging:
Attach an Accounts Payable and Receivable Aging Schedule, identifying in
chronological (or reverse chronological) order every debt which came due
after the commencement of the bankruptcy case but has not been paid, and
specifying the creditor by name and address, the nature of the debt
(e.g., rent, advertising, wages, etc.), the amount owed and the date on
which the obligation come due. Provide summary information below for
both accounts payable and accounts receivable:
Accounts Payable Accounts Receivable
---------------- -------------------
Less Than 31 Days Past Due
31 to 60 Days Past Due
61 to 90 Days Past Due
91 to 120 Days Past Due
Over 120 Days Past Due
II. Payments to Secured Creditors and Lessors:
Identify every secured Creditor and lessor by name and address, and
provide the requested information. Where there is a postpetition
stipulation or court order governing the creditor's treatment, respond
on the basis of that stipulation or order; otherwise, respond on the
basis of the prepetition contract or lease.
Payment Periodic Date of Post Petition Payments
Creditor Name Period Payment Last Made Missed
and Address (mo/wk) Amount Payment # Amt. # Amt.
- ---------------- ------- ------ ------- ------ ---- ----- ------
(Form No. 6)
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MONTHLY QUESTIONNAIRE
Page 2
III. Tax Liability
Gross Payroll Expense for Report Month: $
Gross Sales Subject to Sales Tax for Report Month $
Postpetition Taxes
Date Amount Due But Accrued But
Paid Paid Not Paid Not Due
---- ------ -------- -----------
Federal Payroll & Withholding
State Payroll & Withholding
State Sales & Use
IV. INSURANCE COVERAGE
Policy
Carrier/ Amount of Expiration Policy Paid
Agent Name Coverage Date Through Date
---------- --------- ---------- ------------
Worker's Compensation Liability
Fire & Extended Coverage
Property
Theft
Vehicle
Life (Beneficiary):
Other (specify):
V. Postpetition Payments
A. Has the Debtor made any payments outside of the ordinary course of
business to any officers, shareholders, directors, other principals or
insider-employees or to professionals without specific authorization
under a Bankruptcy Court order?
If the answer is yes, identify each person paid, the date and amount of
such payment(s) and the basis for each such payment.
B. Has the Debtor, following the commencement of the bankruptcy case,
made any payments on account of prepetition unsecured debts, except as
specifically authorized by the Bankruptcy Court?
If the answer is yes, identify each person paid, the date and amount of
such payment(s) and the basis for each such payment.
VI. Narrative
Provide a brief narrative report of any significant events outside of
the ordinary course of business which occurred during the Report Month:
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MONTHLY QUESTIONNAIRE
Page 3
VII. U.S. Trustee Fees
Total Total Quarterly
Quarter Disbursement Quarterly Amount Date Fees Due But
Ending During Quarter Fee Paid Paid Not Paid
- ------- -------------- --------- ------ ---- ---------------
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DATE SUBMITTED: 06/26/97
FORM 2
ESTATE CASH RECEIPTS AND DISBURSEMENTS RECORDS
CASE : 97-30265 G POWERTEL USA, INC. TRUSTEE : BARRY L. SOLOMON (480141)
TAXPAYER I.D. : 84-0897771, DEPOSITORY : CHEMICAL BANK
DATE FILED : 02/26/97 ACCOUNT : 312731324365 - MONEY MARKET ACCOUNT
PERIOD ENDING : 01/01/00 - 05/31/97 BOND AMOUNT : BLANKET BOND
- -----------------------------------------------------------------------------------------------------------------------------------
TANS. {REF #}/ MONEY MARKET
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION MEMO RECEIPTS DISBURSEMENTS BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
03/28/97 SMITH, KATZENSTEIN & FURLOW CERTIFICATES OF STOCK 40.00 40.00
OWNERSHIP
04/30/97 THE CHASE MANHATTAN BANK Interest posting from THE CHASE 0.08 40.08
MANHATTAN BANK on 4/30/97
Current Interest Rate is 2.6000%
05/29/97 {1} BANK OF AMERICA CLOSE BANK ACCOUNTS 11.42 51.50
05/30/97 THE CHASE MANHATTAN BANK Interest posting from THE CHASE 0.08 51.58
MANHATTAN BANK on 05/30/97;
Current Interest Rate is 2.6000%
------ ----- ------
ACCOUNT TOTALS: $51.58 $0.00 $51.58
Less Bank Transfers: $ 0.00 $0.00
------ -----
NET RECEIPTS/DISBURSEMENTS: $51.58 $0.00
CASE TOTALS: $51.58 $0.00 $51.58
Less Bank Transfers $ 0.00 $0.00
------ -----
NET RECEIPTS/DISBURSEMENTS: $51.58 $0.00
Gross Receipts: $51.58
Less Payments to Debtor: $ 0.00
Net Estates: $51.58
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DATE SUBMITTED: 06/26/97
FORM 2
ESTATE CASH RECEIPTS AND DISBURSEMENTS RECORDS
CASE : 97-30265A G SAN JACINTO POWER CORP TRUSTEE : BARRY L. SOLOMON (480141)
TAXPAYER I.D. : 88-0309701, DEPOSITORY : CHEMICAL BANK
DATE FILED : 02/26/97 ACCOUNT : 312750667865 - MONEY MARKET ACCOUNT
PERIOD ENDING : 01/01/00 - 05/31/97 BOND AMOUNT : BLANKET BOND
- ------------------------------------------------------------------------------------------------------------------------------------
TANS. {REF #}/ MONEY MARKET
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION MEMO RECEIPTS DISBURSEMENTS BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
05/06/97 SOUTHERN CALIFORNIA EDISON PURCHASED 330,000 KWH OF 5,919.31 5,919.31
P O BOX 700 ENERGY 3-1-97 TO 4-1-97
ROSEMEAD, CA 91770
05/16/97 101 DESERTRON ELECTRIC, INC CONTRACT -2,500.00 3,419.31
P O BOX 1060
N PALM SPRINGS, CA 92258-1060
05/27/97 102 CONTRACTORS CRANE SERVICES, LLC REPAIRS -210.00 3,209.31
P O BOX 1156
N PALM SPRINGS, CA 92258
05/30/97 THE CHASE MANHATTAN BANK Interest posting from THE CHASE 8.53 3,217.84
MANHATTAN BANK on 05/30/97;
Current Interest Rate is 2.6000%
--------- ---------- ---------
ACCOUNT TOTALS: $5,927.84 $-2,710.00 $3,217.84
Less Bank Transfers: $ 0.00 $ 0.00
--------- ----------
NET RECEIPTS/DISBURSEMENTS: $5,927.84 $-2,710.00
CASE TOTALS: $5,927.84 $-2,710.00 $3,217.84
Less Bank Transfers $ 0.00 $ 0.00
--------- ----------
NET RECEIPTS/DISBURSEMENTS: $5,927.84 $-2,710.00
Gross Receipts: $5,927.84
Less Payments to Debtor: $ 0.00
Net Estates: $5,927.84