1
Exhibit 99c
POWERTEL USA, INC.
97-30265
CHAPTER 11
MONTHLY OPERATING REPORT
JUNE 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)
June 1997
Current Year
Month to Date
----- -------
Income $ 208851.46 $ 214822.19
----------- -----------
Cost of Goods Sold
Beginning Inventory $ $
-------------- ------------
Inventory Purchases $ $
-------------- ------------
Ending inventory $ $
-------------- ------------
Total Costs of Goods Sold $ $
-------------- ------------
Operating Expenses
Salaries and Wages $ $
-------------- ------------
Employee Benefits $ $
-------------- ------------
Equipment Lease Payment $ $
-------------- ------------
Rent $ 153.00 $ 153.00
-------------- ------------
Secured Debt Payments $ $
-------------- ------------
Utilities $ $
-------------- ------------
Telephone $ $
-------------- ------------
Repairs & Maintenance $ $ 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 $ 153.00 $ 2863.00
-------------- ------------
Total Profit (Loss) from Operations $ 208698.46 $ 211959.19
-------------- ------------
Other Income (Expense)
Gain (Loss) on Sale of Assets $ $
-------------- ------------
Interest Expense $ 273.34 $ 282.03
-------------- ------------
Interest Income $ $
-------------- ------------
Dividend income $ $
-------------- ------------
Total $ 273.74 $ 282.03
-------------- ------------
Total Profit (Loss) for Month $ 208971.80 $ 212241.22
-------------- ------------
(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)
June 1997
Projected
Reported For Current
Month Month
----- -----
Receipts:
Sales (Cash Only) $ 208851.46 $
------------- ----------------
Collections of Accounts Receivable $ $
------------- ----------------
Other Income $ 273.34 $
------------- ----------------
Total Receipts $ 209124.80 $
------------- ----------------
Disbursements:
Purchases and Inventory $ $
------------- ----------------
Salaries and Wages $ $
------------- ----------------
Employee Benefits $ $
------------- ----------------
Equipment Lease Payments $ $
------------- ----------------
Rent $ 153.00 $
------------- ----------------
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 Disbursements $ 153.00 $
------------- ----------------
Cash Flow $ 208971.80 $
------------- ----------------
(Form No. 3)
5
RECAPITULATION
June 1997
Balance from Prior Month
General Account $ 51.58
--------------
Bank: CHASE
Branch: NEW YORK
Account #312731324365
San Jacinto Power Account $ 3217.84
--------------
Bank: Chase
Branch: New York
Account: #312750667865
San Jacinto Power Account $ .00
--------------
Bank: Chase
Branch: New York
Account: #312750667867
Balance to Carry Forward to Next Month:
General Account $ 76.97
--------------
San Jacinto Account $ 11911.94
--------------
San Jacinto Account $ 200252.31
--------------
(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:
Purchase and Inventory $ $
------------- ------------
Salaries and Wages $ $
------------- ------------
Employee Benefits $ $
------------- ------------
Equipment Lease Payments $ $
------------- ------------
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)
JUNE 1997
ASSETS
Current Assets:
Cash $ 212241.22
-------------
Accounts Receivable $
-------------
Allowance for Doubtful
Accounts $
-------------
Accounts Receivable (Net) $
-------------
Inventory $
-------------
Prepaid Expenses $
-------------
Total Current Assets $ 212241.22
-------------
Property and Equipment (Fair Market Value)
Real Property $
-------------
Machinery and Equipment $
-------------
Furniture and Fixtures $
-------------
Office Equipment $
-------------
Leasehold Improvements $
-------------
Vehicles $
-------------
Other ________________ $
-------------
$
-------------
Total Property and Equipment $
-------------
Total Assets: $ 212241.22
-------------
(Form No. 5)
8
LIABILITIES
JUNE 1997
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 $ .00
------------
Prepetition Liabilities
Priority Debt $
------------
Secured Debt $
------------
Unsecured Debt $
------------
Total Prepetition Liabilities $ .00
------------
Shareholder's Equity
Common Stock $
------------
Paid-In Capital $
------------
Retained Earnings $ 212241.22
------------
Total Shareholder's Equity $ 212241.22
------------
Total Liabilities & Equity $ 212241.22
------------
(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 came 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.
Post Petitions Payments
Made Missed
Payment Periodic Date of
Creditor Name Period Payment Last
Amount (mo/wk) Amount Payment # Amt. # Amt.
- ------ ------- ------ ------- ------ ---- ----- -----
(FORM NO. 6)
10
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 Paid Amount Paid Due But Not Paid Accrued But 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.
(FORM NO. 6)
11
MONTHLY QUESTIONNAIRE
Page 3
VI. Narrative
Provide a brief narrative report of any significant events outside of
the ordinary course of business which occurred during the Report Month:
VII. U.S. Trustee Fees
Total Total Quarterly
Quarter Disbursement Quarterly Amount Date Fees Due But
Ending During Quarter Fee Paid Paid Not Paid
- ------ -------------- --- ---- ---- --------
12
DATE SUBMITTED: 7/14/97 Page: 1
FORM 2
ESTATE CASH RECEIPTS AND DISBURSEMENTS RECORDS
CASE :97-30265 G POWERTEL USA, INC. TRUSTEE : BARRY SOLOMON (480141)
TAXPAYER I.D. :84-0897771, DEPOSITORY : CHEMICAL BANK
DATE FILED :02/26/97 ACCOUNT : 312731324365 - MONEY MARKET ACCOUNT
- -----------------------------------------------------------------------------------------------------------------------------------
TRANS. {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 04/30/97;
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
Current Interest Rate is 2.6000%
06/02/97 {1} UNITED PARCEL SERVICE ERRONEOUSLY 25.25 76.83
CHARGED/REFUNDED
06/30/97 THE CHASE MANHATTAN BANK Interest Posting from THE CHASE 0.14 76.97
MANHATTAN BANK on 06/30/97
Current Interest Rate is 2.6000%
------ ----- ------
ACCOUNT TOTALS: $76.97 0.00 $76.97
Less Bank Transfers: $ 0.00 $0.00
------ -----
NET RECEIPTS/DISBURSEMENTS: $76.97 0.00
CASE TOTALS: $76.97 0.00
Less Bank Transfers: $ 0.00 $0.00
------ -----
NET RECEIPTS/DISBURSEMENTS: $76.97 0.00
Gross Receipts: $76.97
Less Payments to Debtor: $ 0.00
------
Net Estate: $76.97
13
DATE SUBMITTED 7/14/97 Page: 1
FORM 2
ESTATE CASH RECEIPTS AND DISBURSEMENTS RECORDS
CASE :97-30265A G SAN JACINTO POWER CORP TRUSTEE : BARRY 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 - 06/30/97 BOND AMOUNT : BLANKET BOND
TRANS. {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 DESERTON 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 06/30/97;
Current Interest Rate is 2.6000%
06/03/97 SOUTHERN CALIFORNIA DIVISION ACCOUNTS RECEIVABLE 8,826.21 12,044.05
06/30/97 THE CHASE MANHATTAN BANK Interest posting from THE CHASE 20.89 12,064.94
MANHATTAN BANK on 06/30/97;
Current Interest Rate is 2.6000%
06/30/97 103 SECURITY PUBLIC STORAGE STORAGE FEES - 153.00 11,911.94
39-505 BERKEY DR
PALM DESERT, CA 92211
---------- ---------- ----------
ACCOUNT TOTALS: $14,774.94 $-2,863.00 $11,911.94
Less Bank Transfers: 0.00 0.00
---------- ----------
NET RECEIPTS/DISBURSEMENTS: $14,774.94 $-2,863.00
14
DATE SUBMITTED 7/14/97 Page: 1
FORM 2
ESTATE CASH RECEIPTS AND DISBURSEMENTS RECORDS
CASE :97-30265A G SAN JACINTO POWER CORP TRUSTEE : BARRY SOLOMON (480141)
TAXPAYER I.D. :84-0897771, DEPOSITORY : CHEMICAL BANK
DATE FILED :02/26/97 ACCOUNT : 312750667867 - MONEY MARKET ACCOUNT
PERIOD ENDING :01/01/00 - 06/30/97
TRANS. {REF #}/ MONEY MARKET
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION MEMO RECEIPTS DISBURSEMENTS BALANCE
06/11/97 {1} SAN GORGONI O FARMS, INC. SALE OF STOCK SAN 10,000.00 10,000.00
JACINTO POWER
06/11/97 {1} SAN GORGONI O FARMS, INC. SALE OF STOCK SAN 10,000.00 20,000.00
JACINTO POWER
06/13/97 {1} WIRE PURCHASE OF STOCK 180,000.00 200,000.00
06/30/97 THE CHASE MANHATTAN BANK Interest posting from THE
CHASE MANHATTAN 252.31 200,252.31
BANK on 06/30/97; Current
Interest Rate is 2.6000% ----------- --------- -----------
ACCOUNT TOTALS: 200,252.31 $ 0.00 $200,252.31
Less Bank Transfers: $ 0.00 0.00
----------- ----------
NET RECEIPTS/DISBURSEMENTS: $200,252.31 $ 0.00
CASE TOTALS: $215,027.25 $-2,683.00 $212,164.25
Less Bank Transfers: $ 0.00 $ 0.00
----------- ----------
NET RECEIPTS/DISBURSEMENTS: $215,027.25 $-2,683.00
Gross Receipts: $215,027.25
Less Payments to Debtor: $ 0.00
-----------
Net Estate: $215,027.25
15
DATE SUBMITTED: 07/14/97 Page: 1
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 - 06/30/97 BOND AMOUNT : BLANKET BOND
TRANS. {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%
06/02/97 {1} UNITED PARCEL SERVICE ERRONEOUSLY 25.25 76.83
CHARGED/REFUNDED
06/30/97 THE CHASE MANHATTAN BANK Interest posting from THE CHASE 0.14 76.97
MANHATTAN BANK on 6/30/97;
Current Interest Rate is 2.6000%
------ ----- ------
ACCOUNT TOTALS: $76.97 $0.00 $76.97
Less Bank Transfers: $ 0.00 $0.00
------ -----
NET RECEIPTS/DISBURSEMENTS: $76.97 $0.00
CASE TOTALS: $76.97 $0.00 $76.97
Less Bank Transfers: $ 0.00 $0.00
------ -----
NET RECEIPTS/DISBURSEMENTS: $76.97 $0.00
Gross Receipts: 76.97
Less Payments to Debtor: $ 0.00
------
Net Estates: 76.97
16
DATE SUBMITTED 7/14/97 Page: 1
FORM 2
ESTATE CASH RECEIPTS AND DISBURSEMENTS RECORDS
CASE :97-30265A G SAN JACINTO POWER CORP TRUSTEE : BARRY 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 - 06/30/97 BOND AMOUNT : BLANKET BOND
TRANS. {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 DESERTON 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 06/30/97;
Current Interest Rate is 2.6000%
06/03/97 SOUTHERN CALIFORNIA DIVISION ACCOUNTS RECEIVABLE 8,826.21 12,044.05
06/30/97 THE CHASE MANHATTAN BANK Interest posting from THE CHASE 20.89 12,064.94
MANHATTAN BANK on 06/30/97;
Current Interest Rate is 2.6000%
06/30/97 103 SECURITY PUBLIC STORAGE STORAGE FEES -153.00 11,911.94
39-505 BERKEY DR
PALM DESERT, CA 92211
---------- ---------- ----------
ACCOUNT TOTALS: $14,774.94 $-2,863.00 $11,911.94
Less Bank Transfers: 0.00 0.00
---------- ----------
NET RECEIPTS/DISBURSEMENTS: $14,774.94 $-2,863.00
17
DATE SUBMITTED: 07/14/97 Page: 2
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 : 312750667867 - MONEY MARKET ACCOUNT
PERIOD ENDING : 01/01/00 - 06/30/97 BOND AMOUNT : BLANKET BOND
- -----------------------------------------------------------------------------------------------------------------------------------
TANS. {REF#}/ MONEY MARKET
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION MEMO RECEIPTS DISBURSEMENTS BALANCE
06/11/97 {1} SAN GORGONIO FARMS, INC. SALE OF STOCK SAN 10,000.00 10,000.00
JACINTO POWER
06/11/97 {1} SAN GORGONIO FARMS, INC. SALE OF STOCK SAN 10,000.00 20,000.00
JACINTO POWER
06/13/97 {1} WIRE PURCHASE OF STOCK 180,000.00 200,000.00
06/30/97 THE CHASE MANHATTAN BANK Interest posting from THE 252.31 200,252.31
CHASE MANHATTAN BANK
on 6/30/97; Current
Interest Rate is 2.6000%
----------- ---------- -----------
ACCOUNT TOTALS: $200,252.31 $ 0.00 $200,252.31
Less Bank Transfers: $ 0.00 $ 0.00
----------- ----------
NET RECEIPTS/DISBURSEMENTS: $200,252.31 $0.00
CASE TOTALS: $215,027.25 $-2,863.00 $212,164.25
Less Bank Transfers: $ 0.00 $ 0.00
----------- ----------
NET RECEIPTS/DISBURSEMENTS: $215,027.25 $-2,863.00
- --------------------------------------------------------------------------------
Gross Receipts: $215,027.25
Less Payments to Debtor: $ 0.00
-----------
Net Estates: $215,027.25
- --------------------------------------------------------------------------------