1
EXHIBIT 99f
POWERTEL USA, INC.
97-30265
CHAPTER 11
MONTHLY OPERATING REPORT
SEPTEMBER 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)
9/97
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
------------------ ----------------
Employee Benefits $ $
------------------ ----------------
Equipment Lease Payments $ $
------------------ ----------------
Rent $ 39.00 $ 309.00
------------------ ----------------
Secured Debt Payments $ $
------------------ ----------------
Utilities $ $
------------------ ----------------
Telephone $ $
------------------ ----------------
Repairs & Maintenance $ $ 2710.00
------------------ ----------------
Misc. Office Expense $ 15.90 $ 47.90
------------------ ----------------
U.S. Trustee $ $ 250.00
------------------ ----------------
Travel & Entertainment $ $
------------------ ----------------
Professional Fees $ 14165.98 $ 27961.90
------------------ ----------------
Operation Fees $ $ 3500.00
------------------ ----------------
Insurance: Liability $ $
------------------ ----------------
Property $ $
------------------ ----------------
Vehicle $ $
------------------ ----------------
Worker's Compensation $ $
------------------ ----------------
Other - Bond $ $ 1020.00
------------------ ----------------
Taxes: Payroll $ $
------------------ ----------------
Sales $ $
------------------ ----------------
Income $ $
------------------ ----------------
Real Property $ $
------------------ ----------------
Personal Property $ $
------------------ ----------------
Total Operating Expenses $ 14220.88 $ 60152.89
------------------ ----------------
Total Profit (Loss) from Operations $ (14220.88) $ 162675.17
------------------ ----------------
Other Income (Expense) $ $
------------------ ----------------
Gain (Loss) on Sale of Assets $ $
------------------ ----------------
Interest Expense $ $
------------------ ----------------
Interest Income $ 260.38 $ 1450.04
------------------ ----------------
Dividend Income $ $
------------------ ----------------
Total $ 260.38 $ 1450.04
------------------ ----------------
Total Profit (Loss) for Month $ (13960.50) $ 164125.21
------------------ ----------------
(FORM NO. 2)
3
CASH FLOW STATEMENT
(Month/Year)
9/97
Projected
Current For current
Month Month
-------------- --------------
Receipts:
Sales (Cash Only) $ $
-------------- --------------
Collections of Accounts Receivable $ $
-------------- --------------
Other Income $ 260.38 $
-------------- --------------
Total Receipts $ $
-------------- --------------
Disbursements:
Purchases and Inventory $ $
-------------- --------------
Salaries and Wages $ $
-------------- --------------
Employee Benefits $ $
-------------- --------------
Equipment Lease Payments $ $
-------------- --------------
Rent $ 39.00 $
-------------- --------------
Secured Debt Payments $ $
-------------- --------------
Utilities $ $
-------------- --------------
Telephone $ $
-------------- --------------
Repairs & Maintenance $ $
-------------- --------------
Misc. Office Expense $ 15.90 $
-------------- --------------
Advertising $ $
-------------- --------------
Travel & Entertainment $ $
-------------- --------------
Professional Fees $ 14165.98 $
-------------- --------------
Court Costs $ $
-------------- --------------
Insurance: Liability $ $
-------------- --------------
Property $ $
-------------- --------------
Vehicle $ $
-------------- --------------
Worker's Compensation $ $
-------------- --------------
Other $ $
-------------- --------------
Taxes: Payroll $ $
-------------- --------------
Sales $ $
-------------- --------------
Income $ $
-------------- --------------
Real Property $ $
-------------- --------------
Personal Property $ $
-------------- --------------
Total Disbursements $ 14220.88 $
-------------- --------------
Cash Flow $ (13960.50) $
-------------- --------------
(FORM NO. 3)
4
RECAPITULATION
Balance from Prior Month
Powertel M/M Account $ 158757.94
-----------
Bank Chase
Branch New York
Account #: 312731324365
San Jacinto M/M Account $ 17951.69
-----------
Bank Chase
Branch New York
Account # 312750667865
SJP Checking Account $ 582.25
-----------
Bank Chase
Branch New York
Account # 312750667866
Powertel Checking Account $ 793.83
-----------
Bank
Branch
Account # 312731324366
Powertel M/M Account $ 2976.51
-----------
Bank
Branch
Account # 312731324365
Balance to Carry Forward to Next Month
General Account $
------------
Payroll Account: $
------------
Tax Account: $
------------
(FORM NO. 3)
5
BALANCE SHEET
(Month/Year)
9/97
Assets
Current Assets:
Cash $ 164125.21
-----------
Accounts Receivable $
-----------
Allowance for Doubtful
Accounts $
-----------
Accounts Receivable (Net) $
-----------
Inventory $
-----------
Prepaid Expenses $
-----------
Total Current Assets $ 164125.21
-----------
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: $ 164125.21
-----------
(FORM NO. 5)
6
LIABILITIES
9/97
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 $ 164125.21
---------------------
Total Shareholder's Equity $
---------------------
Total Liabilities & Equity $ 164125.21
---------------------
(FORM NO. 5)
7
Page: 1
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 : 09/01/97 - 09/30/97 BOND AMOUNT : BLANKET BOND
- -------------------------------------------------------------------------------------------------------------------------
TANS. {REF #}/
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION
- -------------------------------------------------------------------------------------------------------------------------
09/16/97 To Account #312731324366 TRANSFER FUNDS TO CHECKING
09/22/97 To Account #312731324366 TRANSFER FUNDS TO CHECKING
09/30/97 THE CHASE MANHATTAN BANK Interest posting from THE CHASE
MANHATTAN BANK on 09/30/97;
Current Interest Rate is 2.6000%
- -----------------------------------------------------------------------------------
MONEY MARKET
MEMO RECEIPTS DISBURSEMENTS BALANCE
- -----------------------------------------------------------------------------------
- 14,166.00* 144,591.94
-141,848.94* 2,743.00
233.51 2,976.51
----------- ------------ ----------
ACCOUNT TOTALS: $201,397.54 $-198,421.03 $ 2,976.51
LESS BANK TRANSFERS: 0.00 -193,869.03
NET RECEIPTS/DISBURSEMENTS: $201,397.54 $ -4,552.00
{} Asset reference(s) * Denotes A Transfer Of Funds
8
Page: 2
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 : 09/01/97 - 09/30/97 BOND AMOUNT : BLANKET BOND
- -------------------------------------------------------------------------------------------------------------------
TANS. {REF #}/
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION
- -------------------------------------------------------------------------------------------------------------------
09/02/97 105 GOLDEN STATE OVERNIGHT OVERNIGHT MAIL
2120 ADAMS AVE
SAN LEANDRO, CA 94577
09/03/97 106 GOLDEN STATE OVERNIGHT OVERNIGHT MAIL
2120 ADAMS AVENUE
SAN LEANDRO, CA 94577
09/10/97 107 SECURITY PUBLIC STORAGE STORAGE FEES
39-505 BERKEY DR
PALM DESERT, CA 92211
09/16/97 From Account #312731324365 TRANSFER FUNDS TO CHECKING
09/16/97 108 BARRY L SOLOMON FEES
09/16/97 109 BARRY L SOLOMON TRUSTEE EXPENSES
09/22/97 From Account #312731324365 TRANSFER FUNDS TO CHECKING
09/22/97 110 POWERTEL USA, INC. TURNOVER FUNDS TO POWERTEL
321 W. LAKE LANSING RD.
ASHER COURT, SUITE 100
E. LANSING, MI 48823
- ---------------------------------------------------------------------------------------
MONEY MARKET
MEMO RECEIPTS DISBURSEMENTS BALANCE
- ---------------------------------------------------------------------------------------
-6.95 786.88
-8.95 777.93
-39.00 738.93
14,166.00* 14,904.93
-13,905.63 999.30
-260.35 738.95
141,848.94* 142,587.89
-142,587.89 0.00
----------- ------------ -----------
ACCOUNT TOTALS: $193,869.03 $-193,869.03 $0.00
LESS BANK TRANSFERS: 193,869.03 0.00
----------- ------------
NET RECEIPTS/DISBURSEMENTS: $0.00 $-193,869.03
{} Asset reference(s) * Denotes A Transfer Of Funds
9
Page: 3
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 : 09/01/97 - 09/30/97 BOND AMOUNT : BLANKET BOND
- -------------------------------------------------------------------------------------------------------------------
TANS. {REF #}/
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION
- -------------------------------------------------------------------------------------------------------------------
Gross Receipts: $201,397.54
Less Payments to Debtor: $0.00
-----------
Net Estate: $201,397.54
- ---------------------------------------------------------------------------------------------
MONEY MARKET
MEMO RECEIPTS DISBURSEMENTS BALANCE
- ---------------------------------------------------------------------------------------------
CASE TOTALS: $395,266.57 $ -392,290.06 $2,976.51
LESS BANK TRANSFERS: 193,869.03 -193,869.03
NET RECEIPTS/DISBURSEMENTS: $201,397.54 $ -198,421.03
{} Asset reference(s) * Denotes A Transfer Of Funds
10
Page: 1
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. : 88-0309701, DEPOSITORY : THE CHASE MANHATTAN BANK
DATE FILED : 02/26/97 ACCOUNT : 312750667865 - MONEY MARKET ACCOUNT
PERIOD ENDING : 09/01/97 - 09/30/97 BOND AMOUNT : BLANKET BOND
- -------------------------------------------------------------------------------------------------------------------
TANS. {REF #}/
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION
- -------------------------------------------------------------------------------------------------------------------
09/22/97 Interest Posting Current Interest Rate is 2.6000%
09/22/97 To Account #312750667866 CLOSE OUT ACCOUNT
- --------------------------------------------------------------------------------------------
MONEY MARKET
MEMO RECEIPTS DISBURSEMENTS BALANCE
- --------------------------------------------------------------------------------------------
26.87 17,978.56
-17,978.56* 0.00
------------- ----------- ---------
ACCOUNT TOTALS: $22,880.56 -22,880.56 $0.00
LESS BANK TRANSFERS: 0.00 -19,978.56
------------- -----------
NET RECEIPTS/DISBURSEMENTS: $22,880.56 $ -2,902.00
{} Asset reference(s) * Denotes A Transfer Of Funds
11
Page: 2
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. : 88-0309701, DEPOSITORY : THE CHASE MANHATTAN BANK
DATE FILED : 02/26/97 ACCOUNT : 312750667866 - CHECKING ACCOUNT
PERIOD ENDING : 09/01/97 - 09/30/97 BOND AMOUNT : BLANKET BOND
- -------------------------------------------------------------------------------------------------------------------
TANS. {REF #}/
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION
- -------------------------------------------------------------------------------------------------------------------
09/22/97 From Account #312750667865 CLOSE OUT ACCOUNT
09/22/97 104 POWERTEL USA, INC. CLOSE ACCOUNTS
321 W. LAKE LANSING RD
ASHER COURT, SUITE 100
E. LANSING , MI 48823
- --------------------------------------------------------------------------------------------
MONEY MARKET
MEMO RECEIPTS DISBURSEMENTS BALANCE
- --------------------------------------------------------------------------------------------
17,978.56* 18,560.81
-18,560.81 0.00
---------- ------------ -----------
ACCOUNT TOTALS: $19,978.56 $ -19,978.56 $0.00
LESS BANK TRANSFERS: 19,978.56 0.00
---------- ------------
NET RECEIPTS/DISBURSEMENTS: $0.00 $ -19,978.56
{} Asset reference(s) * Denotes A Transfer Of Funds
12
Page: 3
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. : 88-0309701, DEPOSITORY : THE CHASE MANHATTAN BANK
DATE FILED : 02/26/97 ACCOUNT : 312750667867 - MONEY MARKET ACCOUNT
PERIOD ENDING : 09/01/97 - 09/30/97 BOND AMOUNT : BLANKET BOND
- -----------------------------------------------------------------------------------------------------------------------
TANS. {REF #}/
DATE CHECK # PAID TO/RECEIVED FROM DESCRIPTION OF TRANSACTION
- -----------------------------------------------------------------------------------------------------------------------
Gross Receipts: $ 22,880.56
Less Payments to Debtor: $.000
------------
Net Estate: $ 22,880.56
- --------------------------------------------------------------------------------------------
MONEY MARKET
MEMO RECEIPTS DISBURSEMENTS BALANCE
- --------------------------------------------------------------------------------------------
ACCOUNT TOTALS: $0.00 0.00 $0.00
LESS BANK TRANSFERS: 0.00 0.00
----------- ------------
NET RECEIPTS/DISBURSEMENTS: $0.00 $ 0.00
CASE TOTALS: $42,859.12 $-42,859.12 $0.00
LESS BANK TRANSFERS: 19,978.56 -19,978.56
----------- ------------
NET RECEIPTS/DISBURSEMENTS: $22,880.56 $-22,880.56
{} Asset reference(s) * Denotes A Transfer Of Funds