1
EXHIBIT 99e
POWERTEL USA, INC.
97-30265
CHAPTER 11
MONTHLY OPERATING REPORT
AUGUST 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)
8/97
Current Year to
Month Date
--------------- ---------------
Income $ $ 222828.06
--------------- ---------------
Cost of Goods Sold
Beginning Inventory $ $
--------------- ----------------
Inventory Purchases $ $
--------------- ----------------
Ending Inventory $ $
--------------- ----------------
Total Costs of Goods Sold $ $
--------------- ----------------
Operating Expenses
Income from San Jacinto to new owner $ 24354.09 $ 24354.09
--------------- ----------------
Employee Benefits $ $
--------------- ----------------
Equipment Lease Payments $ $
--------------- ----------------
Rent $ 39.00 $ 270.00
--------------- ----------------
Secured Debt Payments $ $
--------------- ----------------
Utilities $ $
--------------- ----------------
Telephone $ $
--------------- ----------------
Repairs & Maintenance $ $ 2710.00
--------------- ----------------
Misc. Office Expense $ $ 32.00
--------------- ----------------
U. S. Trustee $ $ 250.00
--------------- ----------------
Travel & Entertainment $ $
--------------- ----------------
Professional Fees $ 12667.17 $ 13795.92
--------------- ----------------
Operating Fees $ 3500.00 $ 3500.00
--------------- ----------------
Insurance: Liability $ $
--------------- ----------------
Property $ $
--------------- ----------------
Vehicle $ $
--------------- ----------------
Worker's Compensation $ $
--------------- ----------------
Other Bond $ 1020.00 $ 1020.00
--------------- ----------------
Taxes: Payroll $ $
--------------- ----------------
Sales $ $
--------------- ----------------
Income $ $
--------------- ----------------
Real Property $ $
--------------- ----------------
Personal Property $ $
--------------- ----------------
Total Operating Expenses $ 41612.26 $ 45932.01
--------------- ----------------
Total Profit (Loss) from Operations $ (41612.26) $ $176896.05
--------------- ----------------
Other Income (Expense) $ $
--------------- ----------------
Gain (Loss) on Sale of Assets $ $
--------------- ----------------
Interest Expense $ $
--------------- ----------------
Interest Income $ 431.52 $ 1189.66
--------------- ----------------
Dividend Income $ $
--------------- ----------------
Total $ 431.52 $ 1189.66
--------------- ----------------
Total Profit (Loss) for Month $ (41180.74) $ $178085.71
--------------- ----------------
(Form No. 2)
3
CASH FLOW STATEMENT
(Month/Year)
8/97
Projected
Reported For current
Month Month
-------------- --------------
Receipts:
Sales (Cash Only) $ $
-------------- --------------
Collections of Accounts Receivable $ $
-------------- --------------
Other Income $ 431.52 $
-------------- --------------
Total Receipts $ 431.52 $
-------------- --------------
Disbursements:
Transfer income from San Jacinto to New Owner $ 24354.09 $
-------------- --------------
Salaries and Wages $ $
-------------- --------------
Employee Benefits $ $
-------------- --------------
Equipment Lease Payments $ $
-------------- --------------
Rent $ 39.00 $
-------------- --------------
Secured Debt Payments $ $
-------------- --------------
Utilities $ $
-------------- --------------
Telephone $ $
-------------- --------------
Repairs & Maintenance $ $
-------------- --------------
Misc. Office Expense $ 32.00 $
-------------- --------------
Advertising $ $
-------------- --------------
Travel & Entertainment $ $
-------------- --------------
Professional Fees $ 12667.17 $
-------------- --------------
Operating Fees $ 3500.00 $
-------------- --------------
Insurance: Liability $ $
-------------- --------------
Property $ $
-------------- --------------
Vehicle $ $
-------------- --------------
Worker's Compensation $ $
-------------- --------------
Other Bond $ 1020.00 $
-------------- --------------
Taxes: Payroll $ $
-------------- --------------
Sales $ $
-------------- --------------
Income $ $
-------------- --------------
Real Property $ $
-------------- --------------
Personal Property $ $
-------------- --------------
Total Disbursements $ 41612.26 $
-------------- --------------
Cash Flow $ (41180.74) $
-------------- --------------
(Form No. 3)
4
RECAPITULATION
8/97
Balance from Prior Month
Money Market Account $ 77.13
---------------
Bank Chase
Branch New York
Account # 312731324365
Money Market San Jasinto Account $ 17912.09
---------------
Bank Chase
Branch New York
Account # 312750667865
M/M San Jacinto Account $ 200694.98
---------------
Bank Chase
Branch New York
Account # 312750667867
Checking San Jacinto 582.25
Balance to Carry Forward to Next Month:
Money Market Account $ 158757.94
---------------
Money Market Account: San Jacinto $ 17951.69
---------------
Checking S.J. Account $ 582.25
---------------
Checking 312731324366 793.83
Money Market S.J. 312750667867 $ 0.00
---------------
(Form No. 3)
5
BALANCE SHEET
(MONTH/YR)
8/97
Assets
Current Assets:
Cash $ 178085.71
--------------
Accounts Receivable $
--------------
Allowance for Doubtful
Accounts $
--------------
Accounts Receivable (Net) $
--------------
Inventory $
--------------
Prepaid Expenses $
--------------
Total Current Assets $ 178085.71
--------------
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: $ 178085.71
--------------
6
LIABILITIES
8/97
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 $
-------------
Prepetition Liabilities
Priority Debt (Schedule A-1) $
-------------
Secured Debt (Schedule A-2) $
-------------
Unsecured Debt (Schedule A-3) $
-------------
Total Prepetition Liabilities $
-------------
Shareholder's Equity
Common Stock $
-------------
Paid-In Capital $
-------------
Retained Earnings $ 178085.71
-------------
Total Shareholder's Equity $ 178085.71
-------------
Total Liabilities & Equity $
-------------
7
DATE SUBMITTED: 10/03/97
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 : THE CHASE MANHATTAN BANK
DATE FILED : 02/26/97 ACCOUNT : 312731324365 - MONEY MARKET ACCOUNT
PERIOD ENDING : 08/01/97 - 08/31/97 BOND AMOUNT : BLANKET BOND
- --------------------------------------------------------------------------------------------------------------------------
TNS. {REF #}/
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION
- --------------------------------------------------------------------------------------------------------------------------
08/01/97 102 U.S. POSTMASTER 100 STAMPS TRUSTEE'S FIRST &
FINAL APPLICATION FOR
COMPENSATION AND
REIMBURSEMENT OF ACTUAL
EXPENSES
08/07/97 {1,2} SAN JANCINTO POWER TRANSFER FUNDS FROM SALE
TO POWERTEL ACCT.
08/07/97 103 INTERNATIONAL SURETIES, LTD. TRUSTEE BOND
210 BARONNE STREET
SUITE 1700
NEW ORLEANS, LA 70112
08/08/97 104 DESERTRON ELECTRIC INCC per invoice of 7-17-97
P O BOX 1060
N PALM SPRINGS, CA 92258-1060
08/14/97 To Account #312731324366 REGULAR TRANSFER
0814/97 To Account #312731324366 REGULAR TRANSFER
08/14/97 To Account #312731324366 SEE LETTER OF 8-13-97 SAN
JACINTO POWER INCOME FROM
OPERATIONS SOUTHERN CALIF
EDISON
08/29/97 THE CHASE MANHATTAN BANK Interest posting from THE CHASE
MANHATTAN BANK on 08/29/97;
Current Interest Rate is 2.6000%
ACCOUNT TOTALS:
Less Bank Transfers:
NET RECEIPTS/DISBURSEMENTS:
- --------------------------------------------------------------------------------
MONEY MARKET
MEMO RECEIPTS DISBURSEMENTS BALANCE
- --------------------------------------------------------------------------------
08/01/97 -32.00 45.13
08/07/97 200,780.77 200,825.90
08/07/97 -1,020.00 199,805.90
08/08/97 -3,500.00 196,305.90
08/14/97 -500.00* 195,805.90
08/14/97 -13,000.00* 182,805.90
08/14/97 -24,354.09* 158,451.81
08/29/97 306.13 158.757.94
------------------------------------- -------------------
$201,164.03 $-42,406.09 $158,757.94
$ 0.00 $-37,854.09
-------------------------------------
$201,164.03 $-4,552.00
{}Assets reference(s) * Denotes A Transfer Of Funds
8
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 : THE CHASE MANHATTAN BANK
DATE FILED : 02/26/97 ACCOUNT : 312731324366 - CHECKING ACCOUNT
PERIOD ENDING : 08/01/97 - 08/31/97 BOND AMOUNT : BLANKET BOND
- ------------------------------------------------------------
TANS. {REF #}/
DATE CHECK # PAID TO/RECEIVED FROM
- ------------------------------------------------------------
08/14/97 From Account #312731324365
08/14/97 From Account #312731324365
08/14/97 From Account #312731324365
08/14/97 101 STEPHEN R. HARRIS, ESQ.
BELDING & HARRIS
417 WEST PLUMB LANE
RENO, NV 89509
08/14/97 102 STEPHAN R. HARRIS, ESQ.
BELDING & HARRIS
08/14/97 103 SECURITY PUBLIC STORAGE
39-505 BERKEY DR
PALM DESERT, CA
08/14/97 104 VENTURE PACIFIC, INC
C/O CHRISTOPHER LEE, ESQ
351 CALIFORNIA ST #800
SAN FRANCISCO, CA 94104
- -------------------------------------------------------------------------------------------------------------------
MONEY MARKET
DESCRIPTION OF TRANSACTION MEMO RECEIPTS DISBURSEMENTS BALANCE
- -------------------------------------------------------------------------------------------------------------------
08/14/97 REGULAR TRANSFER 500.00* 500.00
08/14/97 REGULAR TRANSFER 13,000.00* 13,000.00
08/14/97 SEE LETTER OF 8-13-97 SAN 24,354.09* 37,854.09
JACINTO POWER INCOME FROM
OPERATIONS SOUTHER CALIF
EDISON
08/14/97 ATTORNEY FEES -12,187.50 25,666.59
08/14/97 EXPENSES -479.67 25,186.92
08/14/97 SPACE E15-01 -39.00 25,147.92
08/14/97 SAN JANCINTO POWER INCOME -24,354.09 793.83
FROM OPERATIONS AND
ELECTRIC USAGE OF SO. CALIF.
EDISON
--------------- ------------------- -------------------
ACCOUNT TOTALS: $37,854.09 $-37,060.26 $793.83
Less Bank Transfers: $37,854.09 $0.00
--------------- -------------------
NET RECEIPTS/DISBURSEMENTS: $ 0.00 $-37,060.26
{}Assets reference(s) * Denotes A Transfer Of Funds
9
DATE SUBMITTED: 10/03/97
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 : THE CHASE MANHATTAN BANK
DATE FILED : 02/26/97 ACCOUNT : 312731324366 - CHECKING ACCOUNT
PERIOD ENDING : 08/01/97 - 08/31/97 BOND AMOUNT : BLANKET BOND
- -----------------------------------------------------------------------------------
TANS. {REF #}/
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION
- -----------------------------------------------------------------------------------
CASE TOTALS:
Less Bank Transfers:
NET RECEIPTS/DISBURSEMENTS:
Gross Receipts:
Less Payments to Debtor:
Net Estate:
- ----------------------------------------------------------
MONEY MARKET
MEMO RECEIPTS DISBURSEMENTS BALANCE
- ----------------------------------------------------------
$239,018.12 $-79,466.35 $159,551.77
$ 37,854.09 $-37,854.09
------------ ------------
$201,164.03 $-41,612.26
$201,164.03
$0.00
-----------
$201,164.03
{}Assets reference(s) * Denotes A Transfer Of Funds
10
DATE SUBMITTED: 10/03/97
FORM 2
ESTATE CASH RECEIPTS AND DISBURSEMENTS RECORDS
CASE : 97-30265A G SAN JACINTO POWER GROUP TRUSTEE : BARRY L. SOLOMON (480141)
TAXPAYER I.D. : 88-0309701, DEPOSITORY : THE CHASE MANHATTAN BANK
DATE FILED : 02/26/97 ACCOUNT : 312750667865 - MONEY MARKET ACCOUNT
PERIOD ENDING : 08/01/97 - 08/31/97 BOND AMOUNT : BLANKET BOND
- ------------------------------------------------------------------------------------------------------------------------
TANS. {REF #}/
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION MEMO
- ------------------------------------------------------------------------------------------------------------------------
8/29/97 THE CHASE MANHATTAN BANK Interest posting from THE CHASE
MANHATTAN BANK on 08/29/97;
Current Interest Rate is 2.6000%
ACCOUNT TOTALS:
Less Bank Transfers:
NET RECEIPTS/DISBURSEMENTS:
- ------------------------------------------------
MONEY MARKET
RECEIPTS DISBURSEMENTS BALANCE
- ------------------------------------------------
8/29/97 39.60 17,951.69
------------ ------------ ----------
$ 22,853.69 $ -4,902.00 $17,951.69
$ 0.00 $ -2,000.00
------------ ------------
$ 22,853.69 $ -2,902.00
{}Assets reference(s) * Denotes A Transfer Of Funds
11
DATE SUBMITTED: 10/03/97
FORM 2
ESTATE CASH RECEIPTS AND DISBURSEMENTS RECORDS
CASE : 97-30265A G POWERTEL USA, INC TRUSTEE : BARRY L. SOLOMON (480141)
TAXPAYER I.D. : 88-0309701, DEPOSITORY : THE CHASE MANHATTAN BANK
DATE FILED : 02/26/97 ACCOUNT : 312750667866 - CHECKING ACCOUNT
PERIOD ENDING : 08/01/97 - 08/31/97 BOND AMOUNT : BLANKET BOND
- ---------------------------------------------------------------------------------------------------------------------
TANS. {REF #}/
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION MEMO
- ---------------------------------------------------------------------------------------------------------------------
ACCOUNT TOTALS:
Less Bank Transfers:
NET RECEIPTS/DISBURSEMENTS:
- -------------------------------------------------
MONEY MARKET
RECEIPTS DISBURSEMENTS BALANCE
- -------------------------------------------------
$ 2,000.00 $-1,417.75 $582.25
$ 2,000.00 $ 0.00
---------- -----------
$ 0.00 $-1,417.75
{}Assets reference(s) * Denotes A Transfer Of Funds
12
DATE SUBMITTED: 10/03/97
FORM 2
ESTATE CASH RECEIPTS AND DISBURSEMENTS RECORDS
CASE : 97-30265A G POWERTEL USA, INC TRUSTEE : BARRY L. SOLOMON (480141)
TAXPAYER I.D. : 88-0309701, DEPOSITORY : THE CHASE MANHATTAN BANK
DATE FILED : 02/26/97 ACCOUNT : 312750667867 - MONEY MARKET ACCOUNT
PERIOD ENDING : 08/01/97 - 08/31/97 BOND AMOUNT : BLANKET BOND
- ----------------------------------------------------------------------------------------------------------
TANS. {REF #}/
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION MEMO RECEIPTS
- ----------------------------------------------------------------------------------------------------------
08/07/97 POWERTEL TRANSFER FUNDS TO POWERTEL -200,780.77
08/07/97 CHASE BANK FINAL TRANSFER BEFORE 85.79
CLOSING ACCOUNT
-----------
ACCOUNT TOTALS: $0.00
Less Bank Transfers: $0.00
-----
NET RECEIPTS/DISBURSEMENTS: $0.00
CASE TOTALS: $24,853.69
Less Bank Transfers: $ 2,000.00
NET RECEIPTS/DISBURSEMENTS: $22,853.69
Gross Receipts: $22,853.69
Less Payments to Debtor: $0.00
----------
Net Estate: $22,853.69
- -----------------------------------
MONEY MARKET
DISBURSEMENTS BALANCE
- -----------------------------------
08/07/97 -85.79
08/07/97 0.00
----------- ----------
$0.00 $0.00
$0.00
-----
$0.00
$-6,319.75 $18,533.94
$-2,000.00
$-4,319.75
{}Assets reference(s) * Denotes A Transfer Of Funds